Prudential is splitting from its investment management arm, M&G. Credits: Bloomberg.Magic Circle Trio to Take Slice of £75M Bill from Prudential Demerger
The total pre-tax costs for the demerger are estimated to hit £350 million.
September 27, 2019 at 04:19 AM
2 minute read
Magic Circle firm trio Slaughter and May, Linklaters and Freshfields Bruckhaus Deringer are among the advisers set to take a slice of a £75 million bill for their roles in the M&G Prudential demerger.
Life insurance giant Prudential Group is set to split from investment management unit M&G Investments, allowing M&G to trade on the main market of the London Stock Exchange (LSE) as an independent company.
Documents relating to the demerger state that the financial and legal advisers are set to take home £75 million of fees between them.
The total pre-tax costs of the demerger are expected to reach about £350 million.
The Slaughters team is advising Prudential on the demerger with a London team led by corporate partners Roland Turnill and Susannah Mcknay; financial regulation partner Jan Putnis; financing partner Guy O'Keefe; intellectual property partner Susie Middlemiss, and tax partner Mike Lane.
The team is also being supported by Hong Kong-based partner Peter Lake.
Linklaters is acting for M&G on its split from Prudential. The team is being led by corporate partners Iain Fenn and Kanyaka Ramamurthi.
According to a partner with knowledge of the situation, Freshfields is acting for sponsor Goldman Sachs, with a team led by partner Julian Makin.
M&G Prudential currently manages the long-term savings of millions of people across the U.K., Europe and Asia. The demerger is expected to take full effect by October 21.
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