Royal London Asset Management cuts real estate legal panel by a third following review
Investment manager cuts real estate panel from six to four following review
June 21, 2016 at 04:29 PM
2 minute read
Investment manager Royal London Asset Management (RLAM) has cut its real estate panel by one third following a review.
RLAM is an investment management company with £87.9bn-worth of assets under management. It is a wholly owned subsidiary of Royal London, the UK's largest life insurance and pensions company, with more than five million policyholders.
Pinsent Masons, Gowling WLG, King & Wood Mallesons and specialist commercial firm Cannings Connolly are the four firms appointed to the panel, down from six on the previous panel.
The panel took effect on 1 June and will last at least three years.
The tender process was overseen by Kevin Bould, head of support services for RLAM, in conjunction with the company's in-house legal team.
A spokesperson said: "Royal London Asset Management completed a tender for its property legal services, which sought to align its sector-driven approach with specialist advisers. We have appointed King & Wood Mallesons, Cannings Connolly, Gowling WLG and Pinsent Masons on retail, offices and industrial property work, with effect from 1 June 2016."
The spokesperson added: "We sought to reduce the number of solicitors by approximately a third following taking on management of the Royal London CIS portfolio."
Royal London acquired the life insurance and asset management businesses from The Co-operative Banking Group in 2013 for £219m.
Linklaters advised Royal London on that deal, with the Linklaters team led by corporate insurance partner Victoria Sander.
Pinsents also played a role with the Co-operative Insurance Society (CIS) with-profits committee on the protection of policyholders. Life insurance partner Bruno Geiringer took the lead role.
Clifford Chance advised the Co-op, led by insurance partner Hilary Evenett
In March, FTSE 100 real estate company Land Securities completed a review of its legal panel, with Pinsent Masons wining a spot alongside Berwin Leighton Paisner, CMS UK, DAC Beachcroft, Eversheds, Herbert Smith Freehills, Hogan Lovells and Nabarro. Freshfields Bruckhas Deringer relinquished its spot on the roster by "mutual agreement" before the review began.
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