Freshfields climbs FTSE 250 adviser rankings as Slaughters holds top spots
Magic circle firm moves from third place to second in the FTSE 250 adviser rankings, as Slaughters tops FTSE 100 and 250 tables
May 31, 2016 at 12:03 AM
3 minute read
Freshfields Bruckhaus Deringer gained four new FTSE 250 clients to climb into second place behind Slaughter and May in the latest quarterly adviser rankings.
The firm's haul of FTSE 250 clients grew from 26 to 30 in the three months to 5 May, pushing Linklaters into third place.
Linklaters slipped from second to third place, despite expanding its client roster from 27 to 28 with the addition of KAZ Minerals.
The rankings, compiled by finance data provider Adviser Rankings in association with audit company Crowe Clark Whitehill, show that Freshfields now acts for FTSE 250 clients with a combined market capitalisation of £48.9bn, up 26% from the previous quarter.
Linklaters now acts for 28 FTSE 250 clients worth £54.7bn, up 7% since February.
Meanwhile, Slaughters hung on to the top slot, despite losing one client – 3i Infrastructure – and the top of the FTSE 100 list. The firm has 38 FTSE 250 clients, with a combined market capitalisation of £65.8bn.
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Commenting on the results, Slaughters' head of corporate, Andy Ryde, said: "We take a long-term view about rankings but we are really pleased that we continue to top the tables for numbers of clients in the FTSE 100 and 250 and indeed across the whole market. These results reflect some very hard work."
The data also shows that Freshfields' FTSE 100 clients declined, although it retained its position in fourth place. During the three-month period, its total number of clients fell by three to 21 clients valued at £464.4bn, down 12%.
Slaughters came top for FTSE 100 client count with 34, followed by Linklaters in second place and Allen & Overy in third position.
Linklaters lost two FTSE 100 clients in the second quarter – microchip company ARM Holdings and engineering company Smiths Group.
However, the firm retained first place by market capitalisation of FTSE 100 clients, with a portfolio of clients worth £655.5bn. UK deal highlights for both Freshfields and Linklaters during the quarter include merger talks between the London Stock Exchange (LSE) and Deutsche Boerse, announced in March.
Freshfields is advising LSE and Linklaters is acting for Deutsche Boerse.
The same month, Slaughters won the mandate to act for FTSE 100 client BHP Billiton, the Anglo-Australian commodities giant, on its proposed spinoff of mining business South 32.
In April, Linklaters was instructed by FTSE 100 client Glencore to advise on the sale of a 40% stake in its agricultural business to Canada Pension Plan Investment Board (CPPIB) for $2.5bn (£1.77bn). Freshfields advised CPPIB.
Slaughters also topped the rankings for total number of stock market clients with 109, a drop of one since the last quarter. Pinsent Masons (which came joint top with Gowling WLG in the AIM rankings) is joint second with Carey Olsen and Herbert Smith Freehills, with 92 clients each.
The fifth firm by total stock market client count was Gowlings WLG with 86 clients, down from 88 in the previous quarter.
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