United Kingdom > London > Finance > Derivatives and structured products
Index of tables
Derivatives and structured products
Leading individuals
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- David Benton Allen & Overy LLP
- James Coiley Ashurst LLP
- Matthew Dening Sidley Austin LLP
- Will Dibble CMS Cameron McKenna LLP
- James Doyle Hogan Lovells International LLP
- Anthony Drake-Brockman Allen & Overy LLP
- Simon Firth Linklaters LLP
- Laurence Garside Norton Rose LLP
- Chris Georgiou Ashurst LLP
- Simon Haddock Allen & Overy LLP
- Jason Harding CMS Cameron McKenna LLP
- David Hudd Hogan Lovells International LLP
- John Jakeways Freshfields Bruckhaus Deringer LLP
- Habib Motani Clifford Chance
- Edward Murray Allen & Overy LLP
- Dean Naumowicz Norton Rose LLP
- Ed Parker Mayer Brown International LLP
- Paul-Michael Rebus Eversheds LLP
- David Roylance Simmons & Simmons
- Simeon Rudin Freshfields Bruckhaus Deringer LLP
- Jonathan Shann Freshfields Bruckhaus Deringer LLP
- Deepak Sitlani Linklaters LLP
- Graham Soar Burges Salmon LLP
- Bruce Somer Baker & McKenzie LLP
- Richard Tredgett Allen & Overy LLP
- Guy Usher Field Fisher Waterhouse LLP
- Elizabeth Uwaifo Sidley Austin LLP
- Michael Voisin Linklaters LLP
- Allan Yip Simmons & Simmons
Allen & Overy LLP has a top-tier practice spanning structured finance, insurance-linked products, portfolio disposals, repos, shari’ah-compliant structures, regulatory advice and much more. ‘Consistently pragmatic and innovative, the firm is untouchable on ISDA issues.’ The team includes some of the foremost names in the market, not least practice head David Benton, who has ‘unparalleled knowledge – you should not talk to anyone else about CDS’. ‘Exceptionally bright’ structured debt expert Anthony Drake-Brockman recently advised Deutsche Bank on innovative credit-linked securities for retail investors. Richard Tredgett provides ‘practical solutions in highly technical areas’; and structured finance expert Thomas Jones, industry stalwart and product innovator Simon Haddock, structured funds expert Daniel Shurman, and ISDA documentation specialist Paul Cluley are greatly respected, along with Edward Murray, who works with the Treasury and the FSA on regulation.
Clifford Chance’s ‘dedicated derivatives group is core to the firm’, and particularly strong in equity and credit derivatives, regulatory capital transactions, structured finance litigation, insurance-linked products and sovereign deals. The firm is regulatory counsel to ISDA, and advises many leading investment banks. ‘Excellent derivatives lawyer’ Habib Motani and Andrew Yianni (‘one of the most experienced on sovereign matters’) are leading lights. Matthew Grigg’s recent work includes a structured notes issue for VTB Capital; and Andrew Coats advised Investec on retail equity structured notes under the Zebra Capital Plans programme. Deborah Zandstra, who is prominent in sovereign work, and Anne Drakeford have both been promoted to partner.
‘The overall level of service is excellent’ at Freshfields Bruckhaus Deringer LLP, which joins the top tier this year. For international structured finance, its ‘business acumen and industry knowledge are first rate’, and it has a ‘practical and commercial approach’. Its recent work includes assisting in relation to longevity products, prime brokerage, liability management and strategic equity deals for investment banks such as JP Morgan, and it also advised corporates including Nestlé and Toyota on derivatives documentation. Notable individuals include James Grand; John Jakeways (‘commercial and responsive, one of the best structured finance lawyers’); Jonathan Shann (‘the best in the business: his intellectual capabilities are first rate’); Flora McLean; and Simeon Rudin.
Linklaters LLP is ‘by far the best for global equity derivatives’. Michael Voisin and Deepak Sitlani, who has ‘good technical and people skills’, recently led advice to ISDA on new equity derivative definitions; and Simon Firth is ‘still the authority on black-letter legal issues’. Firth, Pauline Ashall and others advise PwC as administrators of Lehman Brothers. Alan Davies and Mark Middleton, who has returned from the financial regulation group, advise many clients on setting up clearing platforms in light of new regulations, and the newly promoted David Phillips is central to some of the firm’s biggest longevity deals. Philips and Vinay Samani assisted Barclays in setting up a traded securities platform. The team has ‘great product managers, with strong teams able to work on a globally co-ordinated basis’.
‘A credible alternative to the Magic Circle’, Ashurst LLP provides a ‘dedicated and prompt service’. The firm is at the forefront of regulatory matters, and James Coiley, who is ‘terrific’ on credit derivatives and repacks, advises LCH.Clearnet on CDS clearing. The ‘dedicated and approachable’ Chris Georgiou advised on Morgan Stanley’s SPV documentation review. Chris Tang and Michael Logie, who often advises investment banks on equity-linked deals, have a formidable structured notes practice; and Jonathan Haines leads the prime brokerage team. Fund-linked derivatives are a key strength, and the firm has ‘always been ahead of the curve in the retail products space’. Erica Handling is now at Barclays Capital.
Prominent in derivatives, regulatory advice, repacks and post-Lehman litigation, Simmons & Simmons is ‘very good for structured products’. It advises both sell-side and buy-side clients, often on equity and credit derivatives. Allan Yip recently advised an investment bank on swaps in a multi-currency financing for a $1.3bn loan portfolio; and he and André Allee act for a number of fund managers in relation to new collateral structures. David Roylance advised UBS on a synthetic securitisation of a €1.5bn derivatives portfolio. Sean Bulmer and Jonathan Hammond (‘price focused and good value for repackagings’) are highly regarded. Associate Craig Bisson, who joined from Eversheds LLP, is ‘one of the best young derivatives lawyers in the City’.
Baker & McKenzie LLP’s Bruce Somer stands out for credit and equity derivatives, and Jonathan Walsh and Christopher Hogan are considered experts in their field. The firm is known for handling challenging deals in emerging markets, including recently acting for Agricultural Bank of China. Morgan Stanley and Argenta are among many high-profile buy-side and sell-side clients.
CMS Cameron McKenna LLP’s team includes Will Dibble and Jason Harding, who are ‘experts in their field, and worth every penny on complex deals’. Recent work includes assisting on a flow of retail products for JP Morgan; advice to Deutsche Bank’s distressed products group on derivatives issues arising from the Lehman Brothers insolvency; and a growing number of longevity deals. The firm also has a buy-side practice representing investment managers and corporates such as the Wellcome Trust.
‘Truly innovative, with a pragmatic approach to complex issues’, Field Fisher Waterhouse LLP is known for institutional buy-side work, and is lead derivatives counsel to structured equity and fund derivative vehicle Lehman Brothers Finance. Guy Usher is ‘brilliant, and knows the derivatives world inside out’, and Edward Miller has ‘outstanding analytical skills that produce real results’; both are ‘unusually good value, sharp and commercial’. Duncan Black is ‘a top-class contentious lawyer’.
At Hogan Lovells International LLP, David Hudd is valued for his ‘superb industry knowledge, and clear and commercial advice’; James Doyle is ‘undoubtedly one of the best capital markets lawyers of his generation’; and ‘ever-efficient’ of counsel Natasha Williams is also recommended. The team represent many insurers and pension funds, and recently assisted BNP Paribas in relation to equity derivatives platforms.
At Mayer Brown International LLP, ‘fees are competitive and the quality of work very high – a rare combination’. Ed Parker is ‘willing to go the extra mile and gives clear, commercially focused advice’; and the ‘really bright and technically excellent’ Chris Arnold is a significant lateral hire from Allen & Overy LLP. The firm is ‘a credible alternative to the derivatives heavyweights’, and a market leader in distressed derivatives. It advises on all credit events affecting Citi’s structured products portfolio.
Dean Naumowicz and Laurence Garside at Norton Rose LLP act for a range of US and European investment banks, and the firm has London’s leading practice for shari’ah-compliant derivatives, thanks to Farmida Bi and regulatory specialist Jonathan Herbst. Recent work includes advising the Chicago Mercantile Exchange on derivatives aspects of its proposed clearinghouse, and TriOptima on industry-wide initiatives including a global interest rate swaps repository.
Clifford Atkins’ European finance group at Shearman & Sterling LLP specialises in complex, technical matters. Patrick Clancy is ‘very commercial and has extensive knowledge’ of complex derivatives documentation; Julian Tucker advises investors in distressed deals; and recent work for Ian Harvey-Samuel includes trading claims against Lehman Brothers. Clients include IntercontinentalExchange, which it has been advising on matters including a new rulebook for OTC trading. Mei Lian is also recommended.
Sidley Austin LLP has ‘a smaller team than some firms, but the quality of the key individuals is very high’. Elizabeth Uwaifo, Paul Matthews, Howard Waterman and Matthew Dening advise numerous international banks on complex structured credit derivatives, with Dening noted as ‘first class, with very good attention to detail’.
Slaughter and May’s team is ‘top quality across the board’, advising corporate end-users and banks. Finance partners notable for their derivatives experience include Richard Levitt, Marc Hutchinson and Mark Dwyer, who ‘always try to go the extra mile’. The firm advised on Macquarie Bank’s acquisition of a derivatives brokerage business.
White & Case LLP has a ‘very integrated and flexible’ practice, under David Barwise and Gavin McLean. Barwise and Ingrid York are recommended for their equity derivatives work. Richard Reilly’s relocation from New York adds US law expertise to the London practice, which has a leading role in the Middle East and CEE.
Berwin Leighton Paisner LLP’s team, led by James Duncan, provides ‘comprehensive advice, and is great value for money’. Andrew Bamber is notable for his experience in equity-related deals; and Paul Severs is ‘very clever and good to work with’. Also recommended are Lucy Oddy, structured finance specialist Matthew Kellett, and litigator David Hughes.
Eversheds LLP’s small but consistently good team advises buy-side clients such as British Airways Pension Schemes, and increasingly acts for financial institutions such as Capita and RBS Asset Management. Anthony Thomlinson, Jonathan Master and Pamela Thompson ‘seem to know everything that is happening in the market’, and the team’s ‘response times are the best in the business’.
Herbert Smith LLP’s Jake Jackaman and Dina Albagli handle a broad palette of derivatives work, advising corporates and fund managers, and provide ‘calm and considered advice’. Recent work includes the sale of various derivatives businesses and portfolios, and acting for issuers unwinding trades under Lehman Brothers’ Dante structured note programme.
Jones Day’s team includes Ed Nalbantian, Liz Saxton, Michael Pabst and Amy Kho, and is specialist derivatives counsel for the US estate of Lehman Brothers regarding UK transactions. It is notable for restructuring and contentious matters.
Milbank, Tweed, Hadley & McCloy LLP is ‘fantastic in every area’, and James Warbey ‘consistently provides insightful analysis’. The team continues to advise the Official Committee of Unsecured Creditors of Lehman Brothers Holdings on terminated derivatives and structured finance deals. JP Morgan and Prudential Insurance are also clients.
Morrison & Foerster (UK) LLP’s Peter Green and Jeremy Jennings-Mares have been joined by the outstanding Elana Hahn from Mayer Brown International LLP, who recently advised Natixis on a new CLO investment structure. Investment bank and corporate clients include Bank of America Merrill Lynch and Copenhagen Airports.
Leon Stephenson at Reed Smith is part of a versatile team including US securities partner Scott Cameron, who joined from Gide Loyrette Nouel LLP; litigator Robert Falkner; and investment funds specialist Dale Gabbert. Associate Alan Meehan is ‘one of the best lawyers in this space’.
SNR Denton’s Matthew Sapte has been active winding up complex derivatives positions in restructurings. Other recent highlights include new deals in the Middle East, often focused on equity and shari’ah-compliant derivatives; and a structured note programme for FirstRand. Rosali Pretorius advised banks on prime brokerage and portfolio transfers.
‘One of the best firms for smaller deals like restructurings as well as larger mandates’, Weil, Gotshal & Manges joins the ranking this year. Jacky Kelly’s team advises Goldman Sachs and JP Morgan, and is primary counsel to Lehman Brothers Special Financing. The ‘competent and diligent’ Steven Ong and associate Mirella Hart are recommended.
Marty Rolle and Ed Marlow at Bryan Cave are noted for their ability to ‘steer clients through the landmines when things go wrong’. The firm recently advised a large investment bank on distressed deals and total return swaps.
A credible alternative to City firms for derivatives, Burges Salmon LLP advises mainly buy-side clients, and also assists a number of banks in developing structured products. Graham Soar’s team handles ISDA contracts for the likes of Imperial Tobacco.
The ‘good-value’ team at Cadwalader, Wickersham & Taft LLP provides ‘commercially sound responses’. Angus Duncan and Nick Shiren have been active in insurance-linked securities deals, and Jennifer Donoghue, who joined from Simmons & Simmons, adds valued experience.
At Fried, Frank, Harris, Shriver & Jacobson (London) LLP, ‘delivery is well timed, drafting is careful, and advice is focused’. Its team of ‘very technical derivatives lawyers’ includes Rob McBride, and handles all European hedging on leveraged deals for Goldman Sachs.
Latham & Watkins LLP’s Vladimir Maly handles cross-border derivatives for major financial institutions. He is ‘flexible, quick, calm under pressure, and sensitive to clients ’ needs’. Strategic equity deals featured prominently.
MacFarlanes LLP advises finance houses, pension funds, hedge funds and corporates on structuring complex, bespoke transactions. Christopher Lawrence’s team now includes experienced structured finance specialist Rachel Kelly, who joined from Clifford Chance.
Orrick, Herrington & Sutcliffe (Europe) LLP’s Martin Bartlam is ‘efficient, reliable and results orientated, with profound knowledge of structured finance’. He advises arranger banks on swaps in structured note issues.