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The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In the United Kingdon, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for eight years. These partners are highlighted below and throughout the editorial.
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United Kingdom > London > Finance > Securitisation > Law firm and leading lawyer rankings



Index of tables

  1. Securitisation
  2. Leading individuals: Hall of Fame
  3. Leading individuals
  4. Next generation lawyers

Next generation lawyers

  1. 1

Who Represents Who

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Allen & Overy LLP¬†is 'a market-leading firm - hugely knowledgeable, pragmatic, agile and yet competitive on fees'. A client describes it as 'one of the best international leading firms for securitisation'. The firm has one of the broadest and most highly respected securitisation practices in the City, and its diverse workload sees it advise¬†all parties on precedent-setting transactions in all asset classes, including residential mortgages, commercial mortgages, consumer loans, corporate loans, CLOs, auto loans and leases, trade receivables, public sector, project finance and infrastructure. A key area of focus is whole business securitisations and corporate structured funding, including infrastructure and project bond-related work. Highlights included acting for arranger Citibank on the Ripon and Harben securitisations, which provided financings for the sale of buy-to-let mortgage loans originated by Bradford & Bingley and Mortgage Express.¬†Newly promoted partner¬†Tom Constance¬†led those deals, which had a combined value of ¬£12.3bn.¬†Angela Clist¬†acted for the¬†purchasers Blackstone Tactical Opportunities Advisors L.L.C. and Goldman Sachs International Bank in those transactions.¬†Salim Nathoo¬†leads the global securitisation group practice and he frequently works with mortgage originators and investment banks on establishing RMBS and covered bonds programmes.¬†Sally Onions¬†also advises on RMBS and covered bond transactions, as well as auto financings, trade receivables deals and portfolio acquisitions.¬†Tim Conduit¬†focuses on utility, transport, project bonds, asset financing, trade finance and commodity financings. Also recommended is¬†Lucy Oddy, who acted for funds managed by PIMCO in regard to their¬†investments in Project Fino, the divestment by Unicredit of ‚ā¨17.7bn of Italian non-performing loans by way of securitisations. Counsel¬†Daniel Hill¬†is a rising star.

Clifford Chance LLP¬†is 'a very strong firm, with a first-rate team that is great to work with'. The firm is consistently at the forefront of new developments in the marketplace; the practice acted for¬†European Investment Fund on the roll-out of the SME Initiative, which supports SME lending through the grant of guarantees and investment in SME securitisations in Spain, Malta and Bulgaria. Key figures include securitisation partner¬†Kevin Ingram, who is best known for credit card deals; infrastructure sector specialist¬†Stephen Curtis, who¬†is 'not only extremely technically strong, but also commercial'; and¬†Jessica Littlewood, whose practice encompasses¬†synthetic CDOs. She acted for Banco Santander in a ‚ā¨1bn synthetic securitisation of Spanish SME loans. Also recommended are real estate, whole business and consumer loan securitisation specialist¬†Andrew Forryan;¬†real estate finance partner¬†Emma Matebalavu, who is 'very focused on client service and runs her team very efficiently';¬†receivables financing expert¬†Simeon Radcliff; head of the China desk¬†Maggie Zhao, who is 'very detail-focused but still gets the commercial reality';¬†Christopher Walsh,¬†who handles¬†RMBS, CMBS and covered bond deals; and¬†'innovative, creative thinker'¬†Timothy Cleary, who¬†has 'in-depth technical expertise and commercial acumen; he commands respect amongst his peers'.

Linklaters LLP¬†is 'excellent ‚Äď probably the most sensible, pragmatic and commercial secured financing team on the street'. The firm is widely regarded as a leader in the whole-business securitisation market; it played a part in all of the utility WBS deals in the UK - including¬†Welsh Water, Anglian Water and Peel Ports - and continues to act in all of their WBS financings. The practice also handles large and complex transactions in other market sectors, including RMBS. It acted for a consortium of six UK financial institutions, including Barclays Bank and HSBC, in the ¬£11.8bn Ripon RMBS, which is backed by¬†mortgage loans originated by Bradford & Bingley. Adam Fogarty¬†led that deal. Julian Davies¬†acted for the British Broadcasting Corporation in the Juturna Broadcasting house CMBS securitisation.¬†Practice head Andrew Vickery¬†and partner James Harbach, who handles securitisation, structured finance, project and utility bonds and private or state-structured guaranteed debt offerings, are 'high-quality and experienced practitioners for more complex and innovative trades'. Also recommended are¬†Mark Nuttall, who focuses on the infrastructure and utilities sectors, and also leads the firm‚Äôs social finance practice; Alex Shopov, who advised Essar Oil on issuance under its¬†refined petroleum trade receivables-backed commercial paper conduit securitisation; newly promoted partner Reza Taylor, who¬†has 'excellent commercial understanding of the market and is pragmatic, solution-focused, friendly and professional'; and William Trotman.

Cadwalader, Wickersham & Taft LLP¬†is a market leader in CLOs, thanks in no small part to the expertise of¬†David Quirolo¬†and¬†Nick Shiren;¬†together they worked on¬†189 transactions as arranger and manager counsel.¬†Jeremiah Wagner¬†advised Premium Credit Limited¬†on Europe‚Äôs first public insurance premium loan securitisation, which involved innovative elements¬†to account for the specifics characteristics of this asset class. Another key deal saw Wagner act for Citigroup Global Markets in the first credit tenant-lease financing in Austria, which involved the issuance of notes backed by a lease with the State of Lower Austria based on its headquarters and the state parliament. Wagner also acted for arranger Deutsche Bank in a $200m¬†warehouse securitisation of international MBA student loans originated by Prodigy Finance.¬†Stephen Day¬†acted for Santander Consumer Finance in a ‚ā¨700m¬†securitisation of Finnish hire purchaser receivables, which included a novel double SPV structure. Also recommended are¬†Daniel Tobias¬†for CLOs;¬†special counsel¬†Suzanne Bell, who is a core member of the ABS practice;¬†special counsel¬†Claire Puddicombe,¬†who handles¬†securitisations, repackagings, and European CLOs; and¬†special counsel¬†Robert Cannon, who focuses on insurance-linked securities.

Dentons¬†provides 'excellent service and has in-depth knowledge in the area'.¬†RMBS, covered bonds and warehousing transactions are key areas of activity for the practice, which is also prominent in the CLO market. It also handles consumer loan transactions and trade receivables deals, as well as playing a key role for trustees and agents.¬† Highlights included acting for a Portuguese securitisation vehicle on the ‚ā¨176m acquisition of non-performing loan portfolios by a Portuguese bank and their subsequent securitisation.¬†Peter Voisey¬†led that deal and is noted for his 'enormous breadth of experience and commitment to ensuring work is seen through to successful completion; he is great to have on your side'.¬†Edward Hickman¬†, who co-leads the practice with Voisey, advised¬†Oaktree and Mars Capital on the ‚ā¨500m securitisation of non-performing Irish mortgage loan portfolios. CLO specialist¬†Martin Sharkey¬†has 'market-leading product knowledge and good commercial sense'.¬†Catriona Lloyd¬†joined from¬†Linklaters LLP¬†to work with¬†David Cohen¬†in the firm's dedicated¬†international corporate trust and agency practice.

Herbert Smith Freehills LLP is 'very responsive and always delivers; the advice is to-the-point and pragmatic, and the team’s commercial acumen and knowledge of the markets in which it operates is first-class'. The practice continued to act for Tideway in its issuance of bonds under its whole-business securitisation programme. Jake Jackaman led that deal and has a broad practice that encompasses repackagings, cash flow CLOs, synthetic CDOs, credit funds, securitisations and portfolio credit default swaps. Michael Poulton leads the firm's securitisation and structured finance practices and has worked in the market as a lawyer and an investment banker for nearly 20 years. He is 'able to draw on a great reservoir of experience in his field and combines this with commercial acumen and ability to respond calmly and rationally under pressure'. Poulton recently acted for LendInvest as borrower under a securitisation warehouse financing that provides funding for its new buy-to-let lending business in the UK. Newly promoted partner Nick May, who 'explains complex issues in a way non-specialists can understand', and senior associate Joy Amis are rising stars.

Hogan Lovells International LLP has a longstanding reputation for innovative, first-of-kind and high-value deals, in part due to the strength of its emerging markets practice. It plays a prominent role in auto deals, and has a dedicated trustee practice. Julian Craughan, who is 'a very helpful and knowledgeable partner who works well with his international counterparts', led the team advising the UK government's Department for Education on the £3.7bn securitisation of income-contingent repayment student loans. He also acted for Volkswagen Financial Services (UK) as seller and servicer on a public securitisation and the annual updates of a revolving master receivables securitisation programme through the £10bn Driver UK Master programme. Tauhid Ijaz assisted a European fund as arranger with the establishment of an innovative, privately placed guaranteed note programme in order to finance export trade receivables. He also acted for a financial institution in an innovative synthetic securitisation of an SME loan portfolio. US-qualified partner Dennis Dillon focuses primarily on trade receivables securitisations and commercial paper conduits; his highlights included acting for BNP Paribas as funder and arranger in one of the first UK mobile phone handset securitisations. The £150m deal also involved derivatives and structured finance partner James Doyle, who leads the firm's global debt capital markets practice.

Mayer Brown International LLP has 'a great knowledge of the industry and is always responsive' The firm is 'very good value for money, develops great client and counterparty relationships and has in-depth knowledge of the market; the advice is detailed and commercial while balancing legal risks'. The firm counts investment banks such as BNP Paribas, Citigroup and Deutsche Bank among its clients, as well as acting for a number of private equity and hedge fund clients. A key highlight from 2017 was the practice's work for Cheyne Capital Management (UK) LLP on the issuance of commercial backed fixed rate notes through a Luxembourg special-purchase vehicle. It also acted for Channel Capital Advisors LLP as arranger, programme manager and placement agent in a private debt placement backed by short-term trade receivables. 'Technically very strong and very approachable' global co-head of banking and finance Dominic Griffiths and David O’Connor, who has a broad-based securitisation practice but is best-known for CMBS and RMBS transactions, 'are among the best lawyers on the street'. Kevin Hawken, who is qualified in both English and US law, is an expert on both US and EU financial regulation affecting securitisation transactions. Counsel Merryn Craske, who joined the firm from Cadwalader, Wickersham & Taft LLP, handles deals in a range of asset classes including trade receivables, auto loans, consumer loans, insurance premium loans, residential mortgages and commercial mortgages. Senior associate Neal Handa who played a pivotal role in the work for Channel Capital Advisors LLP, is a rising star.

Morgan, Lewis & Bockius UK LLP established its UK securitisation and structured finance team three years ago; since then it has quickly grown in size with the addition of highly experienced partners, including US and dual-qualified lawyers who manage cross-border transactions for US and UK clients, and who advise global clients on the issuance of securities in the US. London practice head Matthew Duncan has more than 25 years' experience in the European securitisation market; he acted for UniCredit Bank as sole parent shareholder, funder, and guarantor of UK residential mortgage securitisation company Redstone Mortgages on the sale of $1.25bn in subprime UK residential mortgages to Goldman Sachs International Bank. Duncan and Paul Matthews acted for BlackRock Investment Management on a £400m issuance under the London Wall RMBS programme. Duncan and Lisa Cargill, who handles asset-backed securitisation and structured finance, advised Pepper UK on the establishment of a £720m UK residential mortgage whole loan sale programme. Theresa Kradjian has a broad practice that includes UK RMBS, covered bonds, ABCP, and complex cross-border structured transactions.

Norton Rose Fulbright's principal area of focus is UK and international RMBS transactions, in the form of securitisations and covered bonds, on which it advises¬†issuers, cash managers and trustees. The firm's strong Islamic finance practices sees it handle innovative¬†shari'ah-compliant structures, and it is also a key player in the emerging fintech space . The latter is exemplified by its work for AIG Europe on the establishment of a ¬£200m trade receivables purchase facility, through which the purchase and settlement of the trade receivables is facilitated using a blockchain platform.¬†David Shearer, who is co-head of the practice along with securitisation and structured bond specialist¬†Sandrine Sauvel, led that transaction.¬†Shearer and senior associate Mirella Hart, who has¬†extensive experience advising investment banks, private equity houses and corporate clients on a broad range of structured finance transactions, including securitisations, 'work together as an excellent team and are focused on executing deals in a commercial manner'.¬†Sauvel's highlights included acting for Piraeus Bank in issuance under its ‚ā¨10bn covered bonds programme.¬†Farmida Bi, who handled the ¬£300m¬†inaugural public securitisation of insurance credit premia by Premium Credit on behalf of HSBC, is also a key player in the practice.

Paul Hastings LLP is acknowledged to be a leader in the CMBS market and its practice has real strength in depth with the likes of Conor Downey, Charles Roberts, Miles Flynn and Jennie Dorsaint. The practice also has a strong standing in the RMBS market through key partner Paul Severs. Severs and Dorsaint acted for Kensington Mortgage Company on the migration of the servicing of mortgage loans to Acenden, which involved the termination of existing servicing arrangements with Homeloan Management Company on a number of legacy securitisations. Severs advised the same client on the £630m Finsbury Square 2018-1 RMBS. Downey and Dorsaint acted for Situs International on a workout strategy for the loan originated for the acquisition of a portfolio of ground rents owned by Vincent Tchenguiz; this involved detailed analysis of the securitisation documents to address queries from the noteholders, the operating adviser and the holder of the B loan. Christian Parker leads a team that specialises in non-real estate structured finance including the repackaging of financial assets, equity and fund-linked products, and mainstream fund transactions. On the CLO side, the firm has strong practitioners in Michael Smith, Diala Minott and Cameron Saylor. Last year, they handled one new issue and two resets for Oak Hill, and two new issues for Och Ziff. Minott acted for Natixis Asset Management in its inaugural CLO issue. Minott and Saylor also specialise specialise in the new area of fund financing including subscription line, hybrid and leverage facilities. Lorenza Talpo leads a dedicated Italian structured finance team from London.

Simmons & Simmons is praised for providing 'a commercial approach that is always perfectly aligned with clients' needs'. The firm has an impressive list of buy-side and sell-side clients that includes leading investment banks, asset managers, governments, supranational clients and emerging fintech companies. Among these are ABN AMRO Bank, Banca IMI, Lloyds, Macquarie Group, Deutsche Bank, the European Investment Fund and Morgan Stanley. Its recent work includes a number of market firsts, such as Greensill Capital's establishment of a $20bn secured note programme backed by payment obligations. Michael Lorraine led the development of this bespoke repackaging platform and 'combines detailed understanding of complex legal issues with an ability to develop bespoke legal structures'. Partner Amer Siddiqui has quickly become a standout name in the practice; one client notes that he is 'involved and up-to-speed at all times and is able to offer valuable advice when needed'. He acted for Bank of America Merrill Lynch and Citigroup as joint arrangers and lead managers on a £1.6bn securitisation of non-conforming residential mortgage loans by The Co-operative Bank. Structured capital markets partner David Toole, banking partner James Bresslaw and financial regulatory expert Penny Miller are also recommended.

Clients of¬†Weil, Gotshal & Manges (London) LLP¬†praise 'the¬†great coordination across offices globally, as well as across practices; all team members are in the loop on what others are doing'. The firm is best known for its busy CLO practice, which acts for many of the most active asset collateral managers in the market. The firm is sole counsel to Blackstone/GSO and Carlyle, and represents leading managers including Apollo, BlackRock and Guggenheim.¬†Head of the London structured finance and derivatives practice and co-head of the global practice¬†Jacky Kelly¬†handled¬†three new CLOs for Blackstone/GSO in 2017, as well as on several resets and refinancings.¬†Kelly also worked on a ‚ā¨1.2bn servicing and credit platform for KKR to purchase distressed Greek loan portfolios.¬†The practice also handles innovative securitisation deals outside the CLO market; last year it acted for Barclays in the development of a novel structure for the ¬£1.7bn securitisation of income-contingent repayment student loans by the UK government. Key partner¬†Brian Maherled that transaction.¬†Counsel¬†Thomas Falkus¬†is 'very attentive, knowledgeable and involved day-to-day; he is always available to answer questions and is very helpful with thinking through complex situations and getting up to speed, identifying issues and proposing solutions'.¬†Consultant¬†Steven Ong¬†and rising star associate¬†Alexander Martin¬†are also recommended.

White & Case LLP¬†has a deep bench of structured finance and regulatory experts in both London and New York, who work together on key issues such as the regulatory requirements of the US and EU risk retention rules, the Volker Rule, MIFID II, AIFMD, the new EU Securitisation Regulation and the Investment Company Act. The practice in London frequently handles innovative¬†cash and synthetic securitisations, alongside its work in established asset classes such as CLOs, RMBS, CMBS, non-performing loans and covered bonds. EMEA capital markets partner¬†Chris McGarry, who¬†advises arrangers, issuers, sponsors and investors on CLOs and securitisations, worked on deals in two new asset classes for the firm -¬†energy levies and commodities. He acted for the Ministry of Finance of the Republic of Ghana as sponsor on a GHS10bn bond issuance programme backed by receipts from energy taxes. He also assisted Trafigura with a $470m commodities securitisation programme to finance its¬†crude oil and refined metals inventories in twelve jurisdictions across Europe, the Middle East and Asia-Pacific. Head of structured finance¬†Ingrid York, who is best known for her work in derivatives, acted for¬†Cr√©dit Agricole Corporate & Investment Bank in a $3bn synthetic securitisation relating to the bank's¬†portfolio of project finance, asset finance and infrastructure loans, which were sold to Mariner Investment Group. She also advised Soci√©t√© G√©n√©rale on¬†the completion of its ‚ā¨33m credit-linked notes synthetic securitisation of a portfolio of revolver credit and capex facilities.¬†Gavin McLean, who acts for arrangers and corporate issuers in securitisations, capital markets partner¬†Debashis Dey,¬†newly promoted counsel¬†Melanie Davies,¬†and associate¬†James Jirtle¬†are also recommended.

CMS advises arrangers and managers on a broad range of securitisations including CLOs, trade receivables and auto loan deals, CMBS and RMBS. On the bank side it frequently acts for clients such as Deutsche Bank and Commerzbank. Michael Cavers  heads the debt capital markets practice, which was recently joined by Neil Hamilton from Jones Day, who has more than 20 years' experience in securitisation and structured finance and is described as 'a high-quality practitioner for CLOs and much more'. Jason Harding acted for longstanding client Northumbrian Water Limited in the Kielder Securitisation, which included documenting a complex novation of the account bank, dealing with bespoke amendments and advising on various taxation issues arising from the structure. He also acted in the unwinding of a CDO, which included a bondholder consent solicitation. Jason Brooks is also a key partner in the practice and he acted for Commerzbank in numerous note issuances under its repackaging programme in 2017.

Dechert LLP¬†has a combined finance and real estate practice that focuses mainly on CMBS and RMBS deals, though it also handles¬†portfolios sales and acquisitions, warehouse financing and trade receivables deals, and CLOs. The firm acts for a number of leading players in the securitisation market, including asset manager Apollo Management International.¬†US-qualified¬†James Waddington¬†advised that client on a¬†CLO reset transaction relating to the issuance of¬† ‚ā¨414m in notes. He also acted for investment manager Marble Point Credit Management in the $650m acquisition of¬†American Capital CLO Management, which is a CLO investment manager with approximately $3.4bn in assets under management, across eight collateralised loan obligation vehicles. As part of the transaction he also¬†established Marble Point‚Äôs Guernsey Originator Fund to hold the risk retention securities in EU CLOs.¬†Key partner¬†Charles Malpass¬†advised private equity groups Apollo and Blackstone as co-investors in connection with a financial guarantee, comprised of a synthetic risk transfer, of a high-value commercial real estate debt portfolio.¬†Giles Belsey¬†advised¬†Investec Bank plc on a structured financing arrangement to provide secured debt finance to a new Luxembourg securitisation vehicle. Sarah Smith, who advises on the restructuring of structured finance instruments, joined from Akin Gump LLP¬†in April 2019.

DLA Piper¬†has 'a small team that produces quality work and delivers a high level of service'. The practice frequently acts for¬†multinational banks and financial investors in growth securitisation markets such as Poland and Portugal, as well as in the UK, with deals in a range of asset classes including¬†mortgages, auto loans, consumer loans, accounts, equipment and lease receivables. It also handles a steady flow of¬†US and European arbitrage CLOs and assists new challenger banks with fintech services on finance platform structuring. Global finance co-chair¬†Martin Bartlam¬†acted for UK specialist mortgage lender BlueZest in the establishment of a ¬£1.5bn platform for the issuance of secured retail bonds. Bartlam and legal director¬†Chris Godwin¬†'show great expertise and insight in this specialist area while being easy to engage with'. International co-chair of the financial service sector group¬†Vincent Keaveny¬†is 'knowledgeable and experienced in the field; he is up-to-date with all the latest developments and provides clear and direct solutions'. He acted for arranger HSBC Bank in a ¬£544m securitisation by MotoPark Finance plc of auto loans originated by FirstRand Bank Limited.¬†Ronan Mellon¬†is a key contact for CLOs, and his recent work included advising collateral manager Accunia Fondsm√¶glerselskab on the issue by Accunia European CLO II of ‚ā¨386m in notes. London head of finance and markets¬†Mark Dwyer¬†and newly promoted partner¬†Bryony Robottom¬†also play key roles in the practice.

Fieldfisher is known for 'excellent service from a very hands-on and knowledgeable team'. 'Flexibility and adaptability are among its key strengths compared to other firms, and the service and advice are specifically tailored to clients' requirements', remarks one client. The firm's financial markets and products group, which handles structured finance and securitisation, has succeeded in bringing on board a range of new clients, including both start-up peer-to-peer lending platforms and large financial institutions. Its broad range of work sees it act for trustees, originators, swap providers and investors in securitisation transactions. In a standout deal for 2017, the practice acted for Société Générale, MUFG Securities America and Citigroup Global Markets as joint lead managers in a $500m deal as part of the Trafigura securitisation finance programme. Dougall Molson led that deal. Alex Campbell, who specialises in UK and pan-European structured finance, including both true-sale and synthetic securitisation, is 'commercially-minded and always finds the time to make himself available to clients when assistance is required'. He acted for issuer Link Asset Services on the restructuring of 26 RMBS deals in light of the counterparty rating downgrade of the account bank, liquidity facility provider and swap provider. Also recommended are director Marsili Hale, who leads the corporate trust group; corporate trust partner Gonzalo Fernandez; Richard Todd, who assisted Link Mortgage Services with back-up servicer arrangements for the Castell 2017-1 securitisation; and Stephen Moller.

Freshfields Bruckhaus Deringer LLP has a finance practice handles a broad range of securitisation, structured products and commodities work. The firm has developed significant experience in a broad range of products including corporate secured debt, infrastructure and transportation bond financings, CMBS, RMBS, pan-European trade receivables securitisations, auto loan ABS and CLOs. It is known for advising borrowers, lead arrangers and a range of other parties on complex structures. Key partner Marcus MacKenzie is 'a very talented lawyer who delivers to tight deadlines in a very user-friendly way'. He is best known for infrastructure and whole-business deals. Christopher Barratt is also recommended for a wide range of structured finance transactions involving infrastructure, transportation and real estate assets. Counsel Jenny McIvor handles the financing of infrastructure transactions, with a particular focus on project bonds, secured corporate debt platforms and acquisition finance.

Latham & Watkins¬†advises many leading investment banks on securitisation and counts¬†Bank of America Merrill Lynch, BNP¬†Paribas, Deutsche Bank, Goldman Sachs, and JPMorgan among its clients. It also acts for a range of leading private equity groups, alternative investment funds and structured credit funds¬†such as Ares Management and Fortress Investment Group. Its focus is on bespoke and complex transactions, in which practice head¬†Sanjev Warna-Kula-Suriya¬†is 'very experienced, very commercial and knows what the key legal considerations are'. He acted for Magnetar Financial on its¬†investment in a synthetic CMBS securitisation of commercial real estate loan where Santander UK plc bought protection on a ¬£916m portfolio with the aim of obtaining capital relief.¬†Mark Nicolaides¬†acted for¬†Black Diamond Capital Management in a ‚ā¨427m CLO, and advised Blackstone Group on¬†the scheduled maturity of its investment in the shipping loans capital relief trade entered into with Citi. Also recommended are¬†Shatha Ali, whose¬†clients¬†include Barclays Bank;¬†Dean Naumowicz, who handled deals for BNP Paribas and JPMorgan; and¬†counsel¬†Jeremy Green.¬†Simeon Rudin, who joined from¬†Freshfields Bruckhaus Deringer LLP, added experience in advising investment banks, insurance companies and market counterparties on structured finance and fintech matters.

Reed Smith LLP's lawyers'have significant industry and market knowledge, and are very good at providing succinct advice'. The firm advises¬†arrangers, originators, investors, note issuers, servicers, trustees, account banks, swap counterparties and rating agencies on a range of transactions including RMBS, CMBS, receivables and auto market securitisations and CLOs.¬†In a key deal from 2017,¬†Angelina Soon¬†advised on a ‚ā¨430m CMBS transaction backed by three loans secured by real estate in Italy.¬†EMEA managing partner¬†Tamara Box¬†oversees the practice, which has many well-respected partners. These include¬†Nick Stainthorpe, who handled an innovative trade finance securitisation last year;¬†Ranajoy Basu, who acted for an asset manager in the restructuring of a mortgage-backed note programme;¬†Simon Hugo, who acted for as asset manager on the establishment of a ¬£1.5bn¬†residential mortgage-backed securitisation issuance programme, and is 'particularly good, his advice is very concise, and his strengths are highlighting areas of risk and providing solutions, which is appreciated when working to tight deadlines and needing a fast turnaround';¬†James Fisher, who¬†is a key adviser to trustees; and¬†Iain Balkwill, who handles the restructuring, enforcement and securitisation of debt secured by commercial real estate. Counsel¬†Andrzej Janiszewski, who is 'vastly experienced in CMBS transactions' and¬†associate¬†Sarah Caldwell¬†are also recommended.

Slaughter and May's finance team is made up of partners with a broad range of skills, including structured finance, securitisation, derivatives, banking and capital markets.The firm handles a wide range of asset classes including CMBS, RMBS, CMBS, credit cards, auto loans, trade receivables, whole-business deals, covered bonds and CLOs, advising hedge funds, originators, arrangers and investors. Guy O’Keefe acted along with Richard Jones and associate Adam Burk for Santander Consumer (UK) plc as originator, seller and servicer, and account bank Santander UK plc on a the £600m Motor 2017-1 UK public auto loan transaction. Jones and Burk are 'always on hand to provide not only sound legal advice, but also commercial context, which is invaluable when discussing complex documentation'. Also recommended are partners Ed Fife, Azadeh Nassiri , Oliver Wicker and Oliver Storey, all of whom have broad structured finance and securitisation practices.

Akin Gump LLP has a small but highly effective practice that handles bespoke and complex securitisation transactions. Typically, these are new money issuances privately placed with a single investor or a small syndicate of investors. Its involvement with bilateral and syndicated private placements of highly structured debt is due, in part, to the London office's prominent position in the institutional private placement market in Europe. The practice also handles the restructuring and refinancing of securitised investments, and deals that require the addition of a securitised instrument as part of a conventional corporate debt restructuring. It also acts for investors in CLO equity and new CLO equity fund platforms, provides regulatory advice on  securitisation, and acts for one of Europe's major rating agencies. Partner Sam Brodie is also recommended, while Sarah Smith left for Dechert LLP in April 2019.

Baker McKenzie¬†has reshaped its securitisation practice following the departure of key partners¬†Jonathan Walsh, who¬†moved to¬†Ashurst, and Simon Schiff, who left the firm in 2018 to found his own structured finance consultancy.¬†Capital markets expert¬†Simon Porter¬†leads the practice and advises on debt, equity, equity-linked and structured products. He is head of the firm's corporate trust group and advises issuers and trustees, although he increasingly acts for arrangers in complex transactions.¬†Of counsel¬†Phung Pham, who leads the firm's derivatives practice, frequently advises on¬†hedging and rating agency requirements related to securitisations. Newly promoted partner¬†Jeremy Levy¬†acts for sponsors, originators, arrangers and trustees in securitisation and other structured finance transactions involving trade receivables, residential mortgages and auto loans.¬†The firm acted for¬†Bank of America Merrill Lynch as arranger and Bank of America Merrill Lynch, Barclays Bank plc and Santander Global Corporate Banking as joint lead managers in a ‚ā¨699m issuance of notes backed by¬†Finnish auto loans. The deal was led by Walsh before his departure, but¬†associate¬†Sarah Porter¬†played a key role. With Simon Porter, she handled high-profile defaults, including the ‚ā¨2.7bn Air Berlin default, for trustee BNP Paribas.

The recent merger that formed Bryan Cave Leighton Paisner LLP brought together complementary securitisation practices that together have a strong position in the UK RMBS market and in the CLO space. The firm's lawyers are 'extremely knowledgeable in their field, very user-friendly and have an ability to understand practical implications'. Global co-head of structured debt and capital markets Prashanth Satyadeva advises both banks and corporates on covered bonds and securitisation. For BNP Paribas Personal Finance UK as originator and servicer, he handled its debut £600m securitisation of unsecured personal loans. Eleanor Hunwicks is recommended for real estate and public sector transactions. Helena Nathanson is a key partner in the practice and focuses predominantly on corporate trust, loan and agency matters. Her clients include US Bank Global Trustees, Wilmington Trust and Deutsche Trustee Company. Rachel Kelly and Kerry Pettigrew joined McDermott Will & Emery UK LLP in August 2018.

The structured finance practice at¬†Gide Loyrette Nouel LLP¬†frequently advises on¬†the hedging aspects of structured finance transactions including securitisations and covered bonds.¬†Karine Imbrosciano¬†leads the derivatives and structured products group in London and has significant experience in this area.¬†Dimitrios Logizidis¬†specialises in banking and structured finance and advises financial institutions, private equity funds and corporates on a wide range of asset-backed financing and securitisation and covered bond transactions. He frequently acts for arrangers, private equity funds and originators in whole-business and trade receivable securitisation transactions, as well as multi-jurisdictional ABCP conduit deals. His track record includes the¬†Hertz and Fraikin whole-business securitisations. He also advised BNP Paribas on a ‚ā¨675m international trade receivables ABCP securitisation programme arranged in twelve different jurisdictions worldwide, including Poland, the Czech Republic, Iceland, the US and Canada.

K&L Gates LLP¬†is 'a good firm that offers a good level of value for money, is responsive and has an experienced team providing sound advice'. The practice, led by UK and pan-European real estate finance specialist Andrew Petersen,¬†has built a significant market presence in¬†new and legacy CMBS transactions, and in European CLO 2.0 deals. In these transactions it acts for financial institutions, boutique arrangers, corporates, trustees and rating agencies. The key partner in the practice is structured finance expert¬†Sean Crosky, who¬†is 'a very personable and experienced lawyer who provides sound advice and is a pleasure to work with'.¬†Last year, he advised¬†Deutsche Trustee Company Limited as trustee and agent on the restructuring of the Lanark RMBS master trust structure and the issuance of ¬£1.6bn in notes. For the same client, he handled¬†the redemption of the RESIMAC RMBS. For¬†State Street Bank and Trust Company he handled the ‚ā¨300m liquidation of the¬†Carlyle Euro 2013-2 CLO, and for¬†US Bank Trustees Limited he handled numerous CLO deals including¬†Adagio VI and Penta 3.

Pinsent Masons LLP is known for its advice to arrangers and originators on term and conduit securitisations. It frequently acts for account banks, particularly in the restructuring of securitisations following credit rating downgrades and ISDA termination claims payments. It has strong relationships with leading UK clearing banks and it focuses predominantly on mid-market deals, although deal sizes are consistently rising. Edward Sunderland , who works in both the London and Birmingham offices, is the key partner and in 2017 he acted for Police Mutual Assurance Society Limited as a shareholder in the Neyber securitisation in a review of the documentation. He also advised the client on its liabilities under the structure. For PerfectHome Holdings Limited he helped to set up a £50m warehousing vehicle for its purchase receivables. The practice calls on the experience of Sharon Smith in Birmingham, who has more than 20 years' experience in securitisation; London-based derivatives partner Stephen Woods; head of international tax Eloise Walker ; and legal director Grace Hui. The firm recently strengthened its practice with the hire of Carl Posern, formerly a managing associate at Linklaters LLP, as a partner. He handles securitisation, debt capital markets, derivatives and other complex structured finance matters.

Ropes & Gray LLP¬†formed its London securitisation practice three years ago and since then it has built up a strong flow of work for its¬†investor client base and has¬† deepened its relationships with¬†global asset managers. A standout deal from 2017 was the ‚ā¨1.34bn¬†secured credit tenant-linked rental income securitisation of bank branches in Spain. Senior associate¬†Rick Hanson¬†led that deal, in which he acted for Spanish real estate investment trust Uro Property Holdings SOCIMI, as borrower, and Sun Capital Partners.¬†Partha Pal¬†is the key partner in the practice and his track record includes advising a major corporate in the telecoms sector on the UK's first mobile phone handset securitisation. With Hanson, he also acted in a cross-border securitisation involving the UK, Spain and the US, which involved the purchase of Spanish non-performing loans and was structured as a securitisation. In that deal, they represented a leading global private equity firm. Partner¬†Anna Lawry¬†, whose primary focus is on structured finance and derivatives in the hedge fund sector, also plays a key role in the practice.

Squire Patton Boggs acts for a broad range of borrowers and issuers, note investors, funders, arrangers, trustees, facility and paying agents, and primary and special servicers, mainly in the UK and Europe. Its highlights from 2017 included acting for OneSavings Bank in numerous financings of specialist non-financial institution lenders using innovative, quasi-securitisation, risk-weighted capital efficient structures. Mark Thomas is the key partner in those transactions and he leads the securitisation practice, working closely with asset-based lending specialist and European head of financial services Paula Laird. Thomas advised Brydg Capital Limited on a quasi-securitisation facility to fund growth of a bridging and development portfolio, and for M&G Investments Limited he helped structure private placement note issuance transactions. Jeremy Ladyman plays a key role in the practice and handles derivatives, structured finance and securitisation transactions.

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