Advisory Transactions

Publicly announced advisory transactions (on which SHP or LSHP have worked) include (click on the logos for further detail on the transaction):

Hayfin

Transaction Summary
On 2 February 2017, Hayfin Capital Management LLP (“Hayfin” or “the firm”), a leading European credit platform with €8.2bn in assets under management, announced that British Columbia Investment Management Corporation (“bcIMC”) had agreed to acquire a majority shareholding in the firm from the existing consortium of institutional investors. The transaction will support Hayfin’s long-term growth plans and simplify its ownership structure, with Hayfin’s management and employees remaining substantive shareholders alongside bcIMC.

bcIMC, a Canadian investment manager which manages approximately C$122bn in assets, is acquiring 100% of the shares owned by Hayfin’s current institutional investors – TowerBrook Capital Partners, PSP Investments (“PSP”), the Ontario Municipal Employees Retirement System (“OMERS”), and The Future Fund. bcIMC is also committing significant capital to the funds that Hayfin currently manages and will be supportive of the future development of the business. Hayfin’s principal focus will remain managing assets for third parties; the day-to-day independence of the Hayfin team over operations, investments, and personnel will be unaffected by the change in ownership.

The financial terms of the deal are undisclosed. Completion of the transaction is subject to regulatory approval.

Hayfin
Hayfin is a leading European credit platform with €8.2bn in AUM. The firm was established in 2009 with backing from TowerBrook Capital Partners, OMERS, PSP, and the Future Fund and is headed by former Goldman Sachs partner Tim Flynn. Hayfin provides lending solutions to European medium-sized companies as well as operating complementary business lines across corporate, maritime and alternative credit.

bcIMC
bcIMC is the fourth largest fund manager in Canada with approximately C$122bn managed on behalf of 34 institutional clients including 11 public sector pension plans.

Role
SHP acted as financial adviser to Hayfin.

The Nexus Group

Transaction Summary
On 30 November 2016, the shareholder restructuring of the Nexus Group was announced. This involved Harry Hyman (the founder and majority shareholder) acquiring minority interests held by certain long-term external shareholders to become the 100% owner.

The Nexus Group
The Nexus Group is a long-established private firm with significant credentials in building and managing alternative property assets. It is best known as the manager to Primary Health Properties PLC since its inception in 1994 (a ~£0.7bn market cap REIT listed on the LSE), and also manages the Nexus Pine Fund (a specialist investor in operational property let to educational providers). The Nexus Group also has corporate finance and publishing arms.

Role
SHP acted as financial adviser to the Nexus Group.

Janus Capital Group

Transaction Summary
On 3rd October 2016, Janus Capital Group Inc. announced a recommended all-stock merger of equals with Henderson Group plc, with the combined company to be named Janus Henderson Global Investors, and to be effected via a share exchange with each share of Janus common stock exchanged for 4.7190 newly issued shares in Henderson. Henderson and Janus shareholders are expected to own approximately 57% and 43% respectively of Janus Henderson Global Investors' shares on closing, based on the current number of shares outstanding.

Janus Henderson Global Investors will be a leading global active asset manager with AUM of more than US$320bn and a combined market capitalisation of approximately US$6bn (based on share prices at close on the last trading day before announcement). Janus' strength in the US markets will be combined with Henderson's strength in the UK and European markets to create a truly global asset manager with a diverse geographic footprint which closely matches the global fund management industry. The combined group will have attractive growth potential (the Boards of Henderson and Janus believe the combined group will generate approximately 2-3 percentage points of additional net new money following integration), together with annual run rate net cost synergies of at least US$110m. The Henderson and Janus CEOs will lead Janus Henderson Global Investors together, reflecting the importance of smooth integration in a people-focused business. The combined group will apply for admission to trade on the NYSE as its primary listing, retaining Henderson's existing listing on the ASX. Janus' largest shareholder, Dai-ichi Life, has committed to supporting the merger and intends to extend its strategic partnership to the combined group.

Janus
Janus Capital Group Inc. is a global investment firm dedicated to delivering better outcomes for clients through a broad range of investment solutions, including fixed income, equity, alternative and multi-asset class strategies. It does so through a number of distinct asset management platforms within Janus Capital Management LLC, as well as INTECH, Perkins and Kapstream, in addition to a suite of exchange-traded products. Each team brings distinct asset class expertise, perspective, style-specific experience and a disciplined approach to risk. Investment strategies are offered through open-end funds domiciled in both the US and offshore, as well as through separately managed accounts, collective investment trusts and exchange-traded products. Based in Denver, Janus has offices located in 12 countries throughout North America, Europe, Asia and Australia. The firm had complex-wide assets under management and ETP assets totalling US$195bn as of 30 June 2016. Janus is listed on the New York Stock Exchange with a market capitalisation of US$2.6bn (as at close on 30 September 2016). As at 30 June 2016, Janus had gross assets of US$2,840m, and for the year ending 31 December 2015, profit before tax of US$253m.

Henderson
Henderson is an independent global asset manager, specialising in active investment. Named after its first client and founded in 1934, Henderson is a client-focused global business with over 1,000 employees worldwide and assets under management of £100bn (31 August 2016). Its core areas of investment expertise are European equities, global equities, global fixed income, multi-asset and alternatives. Headquartered in London, Henderson has 19 offices around the world. Henderson is dual-listed on the Australian Securities Exchange and the London Stock Exchange, and a member of the ASX 100 and FTSE 250 indices, with a market capitalisation of £2.6bn (as at close on 30 September 2016). As at 30 June 2016, Henderson had total assets of £1,876m and £220m underlying profit before tax in the financial year ended 31 December 2015.

Role
LSHP acted as sole financial adviser to Janus Capital Group.

Asset Value Investors

Transaction Summary
On 30 September 2015, Asset Value Investors (AVI) announced a strategic partnership with Goodhart Partners (Goodhart). Under the terms of the agreement, Goodhart will provide AVI with resources to support its growth and will acquire a minority interest in AVI. It was also announced that Joe Bauernfreund will succeed John Pennink as Chief Investment Officer. The terms of the transaction were not disclosed.

Asset Value Investors
AVI was established in 1985 to manage the assets of listed investment company, British Empire Securities & General Trust plc (British Empire). In addition to British Empire, AVI manages a range of pooled funds and reported total AUM of £850m as at 31 August 2015. AVI manages global equity portfolios with a deeply fundamental and distinctly value-driven investment process. It focuses on proprietary and under-researched universe of companies with identifiable assets, investing when the discount to net asset value is attractive.

Goodhart Partners
Founded in 2009, Goodhart is an asset management group with offices in London and Tokyo offering a range of differentiated investment strategies, managed in-house or in partnership with affiliated boutiques, which include Cartesian Capital Partners, Goodhart Japan and HMG Finance. Goodhart provides strategic resources spanning regulatory, platform, sales, client service, reporting and risk management. Goodhart’s mission is to be recognised for its commitment to investment excellence – to be a trusted partner for both sophisticated institutional investors and exceptional investment teams. Goodhart is an affiliate of Northern Lights Capital Group, a multi-boutique asset management group based in Seattle.

Role
SHP acted as financial adviser to AVI.

BHF Kleinwort Benson

Transaction Summary
On 27 July 2015, Fosun International Limited announced its intention to launch a public takeover offer for BHF Kleinwort Benson at €5.10 per share (or €674m), equal to a 9% premium to the closing share price on 24 July 2015. On 27 November 2015, Oddo announced its intention to launch a counterbid for BHF Kleinwort Benson at €5.75 per share (€760m), equal to a 23% premium to the closing share price on 24 July 2015 and a 32% premium to the three month weighted average share price up to 24 July 2015. Oddo also announced firm commitments with Franklin Templeton and Aqton for the sale or tender of their holdings (17.5% and 11.3% respectively), which together with its own holding, would result in Oddo owning over 50% of BHF Kleinwort Benson. On 18 December 2015 Fosun withdrew its takeover offer for BHF Kleinwort Benson.

Oddo’s Prospectus was published on 27 January 2016, together with the Board of BHF Kleinwort Benson’s Response Memorandum, in which the Board set out its unanimous recommendation that shareholders should accept the Oddo Counterbid. The Initial Acceptance Period for Oddo’s counterbid opened on 27 January 2016 and closed on 10 February. On 15 February Oddo announced that, following the effective transfer of the shares tendered during the Initial Acceptance Period, it would hold over 97% of the outstanding BHF Kleinwort Benson shares, and that it would proceed with a squeeze-out of the remaining shareholders.

BHF Kleinwort Benson
BHF Kleinwort Benson is a European financial services group mainly active in private banking and asset management. The group, formerly RHJ International, is listed on the Euronext Brussels regulated market, and is mainly active in Germany, the UK, the Channel Islands and Ireland via its subsidiaries, BHF-Bank, Kleinwort Benson Bank, Kleinwort Benson Channel Islands and Kleinwort Benson Investors. At 30 June 2015, the group managed assets of €59bn and its shareholders' equity totalled €793m on 30 September 2015.

Oddo & Cie
Oddo & Cie is an independent financial services group, founded over 160 years ago. In 2015, Oddo became a Franco-German group following the acquisition of Seydler in Frankfurt and Meriten Investment Management in Dusseldorf. With a staff of 1,300 and €61bn of AUM, Oddo is active in investment banking and capital management, including equity and fixed income brokerage, private banking and asset management. 60% of Oddo’s capital is held by the Oddo family and 30% owned by employees. As at 31 December 2015, Oddo had shareholders’ equity of over €700m.

Role
Spencer House Partners advised BHF Kleinwort Benson

Rogge Global Partners

Transaction Summary
On 8 February 2016, Allianz Global Investors (AllianzGI) announced that it will acquire 100 per cent of the issued share capital of Rogge Global Partners (RGP) from Old Mutual and RGP management for an undisclosed amount. Spencer House Partners acted as financial adviser RGP, a London-based global fixed income specialist with approximately $36 billion of AuM.

The combination will further strengthen AllianzGI's growing fixed income capability and client proposition, while providing RGP with a strategic partner which will offer greater distribution potential for its strategies. Consistent with AllianzGI’s previous acquisitions and integrations, the integrity of the RGP investment team and process will be maintained. The RGP team will become part of AllianzGI’s global investment platform, which is set up to preserve the distinct dynamics, processes and philosophies of different investment teams.

AllianzGI’s commitment to building out its fixed income capability has seen it make a number of investments in this area in recent years, including the creation of an Asian Fixed Income team under the leadership of David Tan, the development of its Emerging Market Debt team led by Greg Saichin and more recently the hiring of Mike Riddell to lead the development of its UK Fixed Income capability. These investments augment AllianzGI's already substantial Fixed Income capability.

Rogge Global Partners
Established in 1984, RGP has been investing in global fixed income markets since inception. While many peers are domestic fixed income businesses that have developed global strategies over time, RGP has been global from the outset, enabling the company to capitalise on the widest possible opportunity set. RGP’s investment philosophy is based on the belief that over time, healthy countries produce the highest bond and currency returns. As a global money manager, RGP seeks out financial health in countries, currencies and companies globally.

Allianz Global Investors
AllianzGI is a diversified active investment manager. It has grown to manage €167 billion in fixed income (from total AuM of €427 billion), up from €109 billion four years ago, and has seen positive net inflows in each of the last 11 quarters. It has 24 offices in 18 countries and employs more than 500 investment professionals.

Role
Spencer House Partners advised RGP on the transaction.

Ingenious Asset Management

Transaction Summary
On 5 February 2016, Tilney Bestinvest (TBI) announced the acquisition of Ingenious Asset Management (IAM). IAM is a discretionary investment manager which services high net worth and ultra-high net worth clients and offers investment services to financial advisers. Upon completion of the acquisition of IAM, the enlarged group will be responsible for £11.2 billion of assets, of which over 80% will be managed or advised, and will have over 500 staff across the UK operating from 15 offices including five investment management locations.

Ingenious Asset Management
IAM was established in 2003. The vast majority of its client base is discretionary, and it primarily manages assets in global multi-asset portfolios, mainly investing through collectives. It is responsible for over £1.8 billion (as at February 2016) of client assets and has 41 staff based in London.

Tilney Bestinvest
TBI is an investment and financial planning firm, backed by the Permira funds, responsible for over £9 billion of AUM (as at February 2016). TBI offers, inter alia, discretionary investment management, investment advisory and financial planning services.

Role
Spencer House Partners advised Ingenious Asset Management Group Limited on the transaction.

Capital Four

Transaction Summary
On 18 January 2016, Northill Capital announced that it would acquire a majority interest in Capital Four. Spencer House Partners acted as financial adviser to Capital Four, an industry-leading European high yield asset management firm, based in Copenhagen, with an award winning performance track record and approximately €6 billion of AuM. Northill’s investment in Capital Four represents approximately 60% of the firm’s equity, with existing partners Sandro Näf, Torben Skødeberg and Henrik Østergaard maintaining ownership of approximately 40%. As a result of the transaction, Northill will indirectly acquire all the equity previously owned by a recently retired partner of the firm, with the balance of the equity also acquired from the existing partners.

Northill’s approach is to ensure that culturally and operationally existing management teams retain the autonomy to continue to run their business. Capital Four will remain in Copenhagen, enabling it to preserve its distinctive culture and location, which provides a favourable vantage point on a complex and fast growing European credit investment universe.

Capital Four will retain day to day operational independence and members of the Northill management team will join the Capital Four Board of Directors. The partners will continue with the firm while the number of equity owners will grow over time to reflect the further development of Capital Four’s strong talent pool. Existing Capital Four equity owners will hold their remaining equity for a minimum of five years, and in addition, each will reinvest a minimum of half of their after tax proceeds into Capital Four’s investment strategies.

Capital Four
Capital Four was founded in 2007 and manages European high yield strategies across high yield bonds, leveraged loans, credit long/short and direct lending predominantly on behalf of institutional investors. It is the largest independent high yield investment manager in Europe. Credit views are expressed consistently across the firm’s strategies, which benefit from the same rigorous fundamental bottom-up credit selection and analysis process first established in 1999. Capital Four’s European high yield strategy has continued to achieve strong returns for investors, and has consistently outperformed its benchmark since inception.

Northill
Northill Capital, an independent, privately held asset management business, was established in London in 2010 by Jonathan Little, former Vice-Chairman of BNY Mellon Asset Management, with substantial financial backing from interests associated with the Bertarelli Family. Northill’s long-term strategy is to build a portfolio of high quality, specialist asset management businesses. Combined AuM of firms in which Northill owns a majority interest total approximately $30 billion (as at 31 December 2015). Northill brings deep industry experience and expertise and the patient, long-term application of substantial private capital to support skilled investment professionals to develop their business.

Role
SHP acted as financial adviser to Capital Four.

Martin Currie

Transaction Summary
On 17 November 2015, Martin Currie, the active equity specialist, announced that it had acquired PK Investment Management (PKIM), the London-based long/short Japan equity boutique.

Led by Paul Kirkby, PKIM is one of the most experienced teams in this specialist category. The team will be enhanced further with the addition of Martin Currie incumbent manager, Claire Marwick. The enlarged team will have total AuM of US$425 million.

Paul Kirkby has also been appointed as lead manager of the Legg Mason Japan Absolute Alpha Fund, a Luxembourg-domiciled UCITS fund.

Martin Currie
Martin Currie is an active equity specialist, driven by investment expertise and focused on managing money for a wide range of global clients. Martin Currie is an independent investment affiliate of Legg Mason, a global asset management firm with over US$670 billion in AuM as of 30 September 2015.

Paul Kirkby
Paul is a highly experienced portfolio manager who has managed Japanese equities for over 30 years. Prior to forming PKIM in 2002, Paul worked for Global Asset Management (GAM), joining in 1985 before being appointed Director in 1987. While at GAM Paul managed Japan long only and hedge portfolios firstly based in Hong Kong before relocating to London in 1992.

Role
SHP acted as financial adviser to Martin Currie.

Turcan Connell Asset Management

Transaction Summary
On 12 October 2015, the shareholder restructuring of Turcan Connell Asset Management was announced. The new business will now trade as Tcam and will be owned by a partnership of three main shareholder groups: (i) the two current executive directors Alex Montgomery and Haig Bathgate, who will spearhead the operation as Joint Chief Executives, (ii) a group of Turcan Connell Partners and former Partners, including current Chairman, Douglas Connell, and (iii) new external individual investors.

Turcan Connell Asset Management
Turcan Connell is a law firm founded in August 1997 with an embryonic wealth management function that grew strongly as part of the overall partnership. The wealth management business was incorporated as a separate company (Turcan Connell Asset Management) in April 2012. Turcan Connell Asset Management offers wealth management and financial planning services, and has approximately £1 billion of client assets under management and administration.

Role
Spencer House Partners advised Turcan Connell Asset Management.

Dyal Capital Partners (Neuberger Berman)

Transaction Summary
On 7 October 2015, Chenavari Investment Managers (Chenavari) and Dyal Capital Partners (Dyal) announced that Dyal has acquired a passive minority interest in the controlling company of Chenavari.

Chenavari will continue to be led by Loic Fery, CEO & Co-CIO, and Frederic Couderc, Co-CIO. They will retain complete control over the firm's operations and investment process. Dyal's strategic minority interest will be passive with no oversight into Chenavari's governance. The vast majority of Chenavari's economic interests remain in the hands of Chenavari's existing shareholders.

Dyal Capital Partners
Dyal Capital Partners is a permanent capital private equity fund managed by Neuberger Berman Group LLC, a private, independent, employee-owned investment manager with $251 billion in client assets.

Dyal seeks to acquire minority equity interests in institutional alternative asset management companies worldwide and its portfolio of alternative asset managers has access to its Business Services Platform, a dedicated team of professionals whose sole responsibility is to ensure the availability of industry best practices.

Chenavari Financial Group
Chenavari is a diversified alternative asset management group focused on credit, structured finance, real estate and private debt strategies, with approximately $5.4 billion of assets under management as of September 1, 2015.

Role
SHP acted as financial adviser to Dyal Capital Partners.

Cairn Capital

Transaction Summary
On 5 August 2015, Mediobanca announced it will be acquiring a majority interest in Cairn Capital, the London-based credit asset management and advisory business.

As part of the transaction, the listed Italian banking group is acquiring a 51% interest in Cairn Capital, with the majority of the equity being acquired from the firm’s institutional shareholders, RBS and Star Capital. Mediobanca also has an option after three years to acquire the remaining equity, the majority of which is held by the management and staff.

It is intended that Cairn Capital will play a central role in the development of Mediobanca’s alternative asset management strategy, with Mediobanca providing seed capital, as well as access to its distribution channels, investor relationships and institutional infrastructure.

Cairn Capital
Cairn Capital is an independent London-based full-service credit asset management, advisory and securities restructuring firm established in 2004. Cairn Capital has in-depth exposure to credit markets due to its diverse business lines, comprehensive bottom up research, technical understanding and bespoke trading and analytical tools. Cairn Capital has a particular, but not exclusive, focus on the European credit markets As at 30 June 2015, Cairn Capital had $5.6bn of discretionary and legacy assets under management, with a further $9.1bn of assets under long term advice.

Mediobanca
Mediobanca is a listed diversified banking group and Italy’s leading investment bank. Founded in 1946 to help rebuild Italy following the Second World War, Mediobanca has provided advisory services and finance to its clients for almost 70 years. Under its 2014–16 Strategic Plan, Mediobanca has refocused on its core banking activities, further expanding its investment bank into new markets in Europe and around the world.

Role
SHP acted as financial adviser to Cairn Capital.

Hayfin Capital Management

Transaction Summary
Following negotiations with its shareholders, HayFin, a credit investment firm with over €5bn in assets under management, transferred its proprietary balance sheet investments into a fund and released capital to become a pure play credit asset manager. As a part of the transaction, management increased its ownership stake and with a reconfigured long term incentive scheme will, over time, become the largest individual shareholder group.

HayFin Capital Management
HayFin was established in 2009 with backing from TowerBrook Capital Partners, Omers Private Equity, Public Sector Pension Investment Board of Canada, and the Future Fund and is headed by former Goldman Sachs partner Tim Flynn. HayFin provides lending solutions to European medium-sized companies as well as operating complementary business lines across corporate, maritime and alternative credit.

Role
Spencer House Partners acted as retained strategic advisers to HayFin.

Vontobel Asset Management

Transaction Summary
On 25 March 2015, Vontobel Asset Management, the global multi-boutique asset management division of Vontobel, announced that it had acquired a 60 percent stake in TwentyFour Asset Management LLP, a fast growing independent fixed income specialist based in London.

TwentyFour’s Partners will continue to manage TwentyFour’s day-to-day operations, retaining full authority over fund investment decisions. The established TwentyFour brand will remain in place. TwentyFour’s Partners and key employees will retain a 40 per cent stake in the business and will remain fully committed to TwentyFour. To further strengthen alignment, the Partners have agreed to reinvest a significant share of their consideration into existing TwentyFour or Vontobel investment funds. In line with Vontobel’s multi-boutique structure, both firms’ investment platforms will operate independently of each other to ensure a continuation of their strong performance record. The 40 per cent stake held by the Partners will be acquired by Vontobel over the longer-term.

In aggregate they will have approximately £12 billion of total fixed income assets under management.

Vontobel Asset Management
Vontobel Asset Management is an active global multi-boutique asset manager with specialist investment expertise in Quality Growth Equities, Multi Asset Class, Fixed Income, Global Thematic Equities and Alternatives. Each boutique is run as an independent centre of expertise. Vontobel has a successful innovative product range and is strongly committed to further develop and expand its Fixed Income boutique on a global scale and strengthen its access to the UK market.

TwentyFour Asset Management
TwentyFour Asset Management is a London based independent fixed income specialist with leading capabilities in asset backed securities and unconstrained fixed income. The firm has a diverse client base in the UK, spanning wholesale as well as institutional clients, which it services via segregated mandates and a range of pooled investment vehicles. The highly transparent products benefit from a rigorous detail-oriented investment approach, in order to achieve superior risk-adjusted returns whilst retaining a strong focus on capital preservation.

Role
SHP acted as financial adviser to Vontobel.

RIT Capital Partners

Transaction Summary
On 19 December 2014, RIT Capital Partners plc announced that it had acquired London-based specialist fund manager GVO Investment Management Limited (“GVOIM”) from Hansa Aktiengesellschaft (Hansa).

GVOIM invests in UK equities by applying private equity techniques, and is a leader in constructive corporate engagement. GVOIM currently manages the GVO UK Focus Fund, an Irish listed open-ended investment company, and Strategic Equity Capital plc, a London-listed investment trust. As part of the transaction, RIT will acquire Hansa's holding in Strategic Equity Capital plc.

RIT Capital Partners
RIT Capital Partners plc is an investment trust listed on the London Stock Exchange with net assets of over £2 billion. It is chaired by Lord Rothschild, whose family interests retain a significant holding.

GVOIM
GVOIM has an award-winning investment team with a proven track record, and assets under management of approximately £350 million. GVOIM will continue to operate as a separate legal entity with the same management team, structure and investment process, and will benefit from RIT's support in achieving its growth ambitions. There will be no changes to the existing fund manager teams, who will retain complete investment autonomy.

Role
SHP acted as financial adviser to RIT Capital Partners.

Stonehage Fleming Family and Partners (SF&P)

Transaction Summary
On 6 November 2014, Stonehage and FF&P announced that they will merge to create Stonehage Fleming Family and Partners (SF&P).

SF&P will be the largest independent multi-family office in the EMEA region. With a combined business serving a core client base of over 250 families, SF&P will manage, advise, and/or administer over $43 billion of assets. This will include an investment business with more than $11 billion under management. SF&P will have combined revenues of approximately $160 million, and employ over 500 staff in 14 offices, across 7 countries.

Stonehage
Stonehage is a leading multi-family office and trusted adviser to international ultra-high net worth families.

Stonehage draws on experience honed over four decades of helping families identify and realise their strategic wealth management goals. Families call upon Stonehage’s multi-disciplinary expertise to address complex requirements that may span geographies and generations across the full spectrum of investment, business, property and lifestyle assets.

Stonehage is independently owned by management and staff, with assets under administration in excess of $35 billion (c.£22 billion). Stonehage provides a full Family Office service to over 200 major clients and offers a range of services to over 800 others. Stonehage employs over 400 people in 11 offices around the world.

FF&P
Fleming Family & Partners (FF&P) is an international multi-family office which advises wealthy individuals, families and charities on how best to grow and maintain their capital.

FF&P was established in 2000 by the Fleming family to structure and manage the family’s assets following the sale of their interest in the family-owned investment bank, Robert Fleming and Company, to Chase Manhattan bank (subsequently JP Morgan). In addition to the family assets, FF&P was set up to manage the wealth of other families, ultra-high net worth individuals, charities and endowments. Currently FF&P works with a core group of more than 50 families and manages assets in excess of £4 billion (c.$6.5 billion).

Role
SHP advised on the transaction.

La Française

Transaction Summary
La Française will contribute its fund of hedge funds business to Tages Capital in return for a 40% stake in the combined entity, creating a fund of hedge funds with $3bn in assets under management. Tages currently has offices in London and Milan, with La Française based in Paris.

La Française
La Française, which is one of Europe’s largest fund managers with assets under management of over €40bn including equity funds and real estate, also acquired a stake in Forum Partners, the real-estate asset manager, late last year as part of a strategy of building its international presence. Its fund of hedge funds unit, which is currently the second largest in France, will contribute approximately $1bn in assets under management to the combined firm.

Tages Capital
Tages Capital, founded in 2011, is an international investment and advisory group established by a set of managing partners including Panfilo Tarantelli, a former Head of Investment Banking at Citibank and later Chairman of the Global Banking Division for Europe. It currently manages approximately $2bn. Tages also operates a corporate finance advisory business and distressed debt arm which will remain separate after the deal is completed.

Role
SHP acted as financial advisor to La Française.

Apollo Global Management

Transaction Summary
Affiliates of Apollo Global Management LLC (NYSE: APO), including Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI), have reached an agreement to make an investment in an entity that has agreed to acquire a minority participation in KBC Deutschland AG, the German subsidiary of Belgian KBC Group NV.

The transaction is subject to antitrust and regulatory approval. Meanwhile, KBC Bank Deutschland, with the support of KBC, remains fully committed to all its current business activities and serving its customers.

In November 2009, KBC agreed a strategic plan with the European Commission that involves refocusing on retail customers, small and medium-sized enterprises and mid-caps in its core markets of Belgium and Central and Eastern Europe (Czech Republic, Slovakia, Hungary and Bulgaria), while reducing risk weighted assets. As part of this plan, KBC Bank Deutschland was earmarked for divestment, despite the presence and expertise it has built up.

KBC Bank Deutschland
KBC Bank Deutschland is a stand-alone specialised financial institution for German medium-sized corporate clients (the Mittelstand) with assets of EUR 2,607 million as of December 31, 2012. The bank is also active in professional real estate financing, acquisition finance, institutional asset management and private wealth management for German high-net-worth individuals. Its foundation dates back to 1863 as a cooperative banking organisation in Bremen. The bank is specialised in financing and providing financial advice to the Mittelstand.

Apollo Global Management
Apollo Global Management, LLC (NYSE: APO) is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately 113 billion US dollars as of 30 June 2013, in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.

Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, invests in, acquires and manages performing commercial real estate mortgage loans, subordinate financings, CMBS and other commercial real estate-related debt investments throughout the U.S. The company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, LLC.

Role
SHP acted as financial advisor to Apollo Global Management.

La Française

Transaction Summary
Forum Partners Investment Management, LLC (Forum) and La Française, an affiliate of Crédit Mutuel Nord Europe (CMNE), announced that, subject to regulatory approval, La Française will acquire a 24.9% in Forum through an issuance of new shares. They have entered into a strategic partnership encompassing a substantial capital commitment to Forum’s global suite of real estate investment strategies and collaboration on a series of new European investment products, including a joint venture to develop European direct real estate products.

The partnership will combine Forum’s global real estate private equity, debt and securities capabilities with La Française’s proven leadership in French direct real estate and senior debt. In support of this partnership, CMNE and La Française will allocate over $600 million in capital across each of Forum’s principal investment strategies, beginning with over $200 million to Forum’s European debt platform, including mezzanine and senior debt. La Française will also commit capital to Forum’s global securities business, to its Asian private equity strategy and to potential expansion opportunities in the Americas. In addition, both Forum and La Française will gain access to the other party’s institutional and retail distribution network globally.

La Française
La Française is one of Europe’s largest fund managers, with assets under management of $50 billion of which $9 billion is in real estate. For more than 35 years, La Française has been developing specific expertise as an investment manager of listed and unlisted securities and real estate assets while also providing comprehensive investment solutions. For more than 10 years, La Française has also been a major player in the acquisition of minority shareholdings.

Forum
Forum is an independent global real estate investment management firm with $5.7 billion of capital committed and under advice. Through its expertise across debt and equity and public and private markets, Forum provides growth and restructuring capital to real estate operators and also invests directly at the property level. Forum sets out to achieve attractive medium/long-term returns for investors in an environment of contained risk with capital protection at its heart. Forum has offices in London, Hong Kong, Tokyo, Beijing, Seoul, Singapore, Mumbai, Sydney, Greenwich (Connecticut) and Santa Fe (New Mexico).

Role
SHP acted as financial advisor to La Française.

Heartwood Wealth Group

Transaction Summary
On 6 February 2013, Svenska Handelsbanken announced that it will acquire Heartwood Wealth Group for an undisclosed amount. As a result of the transaction, Heartwood will become a wholly-owned subsidiary of Handelsbanken, forming the foundation of its UK wealth management offering. The acquisition of Heartwood will enable Handelsbanken to meet the growing demand for wealth management services from its clients, whilst Heartwood will still retain the ethos that makes it stand out to its clients. Due to an excellent business fit and mutual growth opportunities, the deal is expected to create new jobs and broaden career opportunities.

Heartwood Wealth Group
Heartwood was founded 25 years ago and has grown steadily and organically, currently with over £1.5 billion of funds under management (as at 31st January 2013). From its offices in London and Tunbridge Wells, Heartwood provides wealth management services for private clients, including discretionary investment management, financial planning, tax-efficient wealth structuring, tax advice, retirement planning and pensions advice. In addition, Heartwood Investment Management provides investment management services for financial advisers, charities and professional advisers.

Svenska Handelsbanken
Handelsbanken was founded 141 years ago in Sweden and now has over 750 branches and more than 11,000 employees in 24 countries. Having first established a presence in the UK in 1982, today the bank manages a decentralised network of 147 branches across the country, with further expansion ongoing. Handelsbanken specialises in providing highly personalised and competitive banking services to both businesses and individuals and has been judged the most cost-effective universal bank in Europe for many years.

Role
SHP acted as financial adviser to Heartwood.

Eden Financial

Transaction Summary
On 24 September 2012, Canaccord Financial announced the acquisition of London-based private client investment management business, Eden Financial, to expand its UK wealth management platform: Collins Stewart Wealth Management. Under the terms of the transaction, Canaccord is paying up to £17m, consisting of a cash consideration of up to £12.8m for the business and up to £4m of further staff incentives. Concurrent with this transaction, Eden Financial announced on 1 October 2012 that it had sold its Asset Management business to City Financial Investment Company.

Eden Financial
Based in London, Eden Financial Limited is an independent, owner managed private client investment management business with £835m in AUM on behalf of 2,500 clients (as at 31 August 2012).

Collins Stewart Wealth Management
Collins Stewart Wealth Management is an award winning investment manager and stockbroker committed to providing private clients, charities and intermediaries with a broad array of independent wealth management services. Following the acquisition, Collins Stewart Wealth Management will manage and administer approximately £9bn of assets for over 12,000 clients.

Canaccord Financial
Canaccord Financial Inc. is a leading independent, full service financial services firm, with operations in two principal segments of the securities industry: wealth management and global capital markets. Canaccord has offices in 12 countries worldwide and is publicly traded on the Toronto Stock Exchange and London Stock Exchange.

City Financial
City Financial Investment Company Limited is a London-based asset management group that has designed a nimble company to bring to advisers and investors a straightforward series of funds managed by individuals who City Financial believe are masters of their craft. City Financial’s funds include Strategic Gilt, Strategic Global Bond, MultiManager Growth, MultiManager Income, MultiManager Diversified, MultiManager Dynamic, UK Equity Income and UK Equity, and the institutional only fund, City Financial Asian Absolute Growth Fund.

Role
SHP acted as financial adviser to Eden Financial.

James Hambro & Partners

Transaction Summary
On 15 August 2012, James Hambro & Partners and Calkin Pattinson announced the merger of the two businesses. The combination provides an enhanced offering, from bespoke discretionary portfolio management to financial planning services, and a group with over £1bn of assets under management, advice and administration. The terms of the transaction were not disclosed.

James Hambro & Partners
James Hambro & Partners LLP is a London-based, independent private asset management partnership born of two hundred years of Hambro heritage. Founded in 2009, James Hambro & Partners manages discretionary investment portfolios for 102 families, charities and trusts with around £480m of assets under management and administration.

Calkin Pattinson
Established in 1964, Calkin Pattinson & Company Limited is a leading, London-based financial planner for high net worth clients. Calkin Pattinson advises 2,000 private clients and charities on financial planning issues, and in addition has around £600m assets under management.

Role
SHP acted as financial adviser to James Hambro & Partners.

RIT Capital Partners

Transaction Summary
On 20 July 2012, RIT Capital Partners plc announced that it had made a long-term investment in Corsair Capital, resulting in it having a minority investment in the G.P. of the firm. On completion of the transaction, RIT Capital Partners proposes to issue new ordinary shares as is equivalent to US$7.5m, as part consideration for the acquisition of the stake in Corsair by RIT Capital Partners.

RIT Capital Partners
RIT Capital Partners plc is an investment trust listed on the London Stock Exchange. It is chaired by Lord Rothschild, whose family interests retain a significant holding. For 2011 it won the Best Large Trust award from the Investment Trust Journal, for its outstanding performance.

Corsair Capital
Corsair Capital is a leading specialist private equity firm focused exclusively on investing in the global financial services industry. Corsair has invested across a range of geographies and cycles, and in substantially all of the subsectors of the financial services industry including insurance, asset management, depository institutions, and specialty finance in North America, Western Europe, and the Emerging Markets of Asia, Latin America, and Central Europe.

Role
SHP acted as financial adviser to RIT Capital Partners.

RIT Capital Partners

Transaction Summary
On 30 May 2012, RIT Capital Partners plc announced the creation of a strategic partnership with Rockefeller Financial Services, the parent company of Rockefeller & Co. In acquiring the 37% equity interest previously held by Société Générale Private Banking, RIT Capital Partners became a significant minority investor in Rockefeller Financial Services, alongside the Rockefeller family, related entities and management. The firms intend to collaborate on investment solutions and other areas of shared expertise to further serve the needs of their clients and investors. The transaction terms were not disclosed.

RIT Capital Partners
RIT Capital Partners plc is an investment trust listed on the London Stock Exchange. It is chaired by Lord Rothschild, whose family interests retain a significant holding. For 2011 it won the Best Large Trust award from the Investment Trust Journal, for its outstanding performance.

Rockefeller & Co
Headquartered in New York and with offices in Boston, Washington D.C., Stamford, Connecticut, and Wilmington, Delaware, Rockefeller & Co. provides comprehensive investment and wealth management services to a diversified global client base of families, trusts, foundations and endowments and other institutions. As of March 31, 2012, the firm and its subsidiaries had approximately US$34bn in client assets under administration.

Role
SHP acted as financial adviser to RIT Capital Partners.

RIT Capital Partners

Transaction Summary
On 16 March 2012, RIT Capital Partners plc and Edmond de Rothschild Group announced the creation of a strategic partnership. The parties have entered into a joint venture through the creation of a new company, with RIT Capital Partners holding 49% and Edmond de Rothschild Group 51%. Edmond de Rothschild Group will contribute its stake in the management company Capital Holdings into the joint venture and RIT Capital Partners will issue new ordinary shares with a market value of £14m to Edmond de Rothschild Group as consideration for the acquisition of its interest in the joint venture. Both parties intend to work together to strengthen their co-operation on investment opportunities and fund management.

RIT Capital Partners
RIT Capital Partners plc is an investment trust listed on the London Stock Exchange. It is chaired by Lord Rothschild, whose family interests retain a significant holding. For 2011 it won the Best Large Trust award from the Investment Trust Journal, for its outstanding performance.

Capital Holdings Funds
Capital Holdings Funds include Leveraged Capital Holdings (LCH), and related funds Trading Capital Holdings and European Capital Holdings. LCH is the world’s oldest fund of hedge funds and a flagship investment vehicle of the Edmond de Rothschild Group. LCH and related funds, which are listed on the Euronext Amsterdam Exchange, have assets under management of US$2.7bn and have generated significant gains for investors since their creation.

Edmond de Rothschild Group
Edmond de Rothschild Group is an independent, family-owned group focused on private banking and asset management. Founded in 1953, Edmond de Rothschild Group has been chaired since 1997 by the founder's son, Baron Benjamin de Rothschild. The Group has more than US$150bn in assets under management and 2,700 employees in 30 offices around the world. In addition to its main activities in asset management and private banking, the Group’s financial activities include fund administration and corporate advisory services. Compagnie Financière Saint-Honoré is the Group’s French holding company.

Role
SHP acted as financial adviser to RIT Capital Partners.

Arkos Capital

Transaction Summary
On 28 February 2012, GAM Holding announced that it entered into agreements for the purchase of 100% of Arkos Capital. Under the terms of the agreements, GAM will acquire 75% of Arkos’s share capital immediately after the receipt of certain regulatory approvals. The remaining stake of 25%, currently held by the management of Arkos, will be acquired through deferred cash payments linked to the future development of the business. The terms of the transaction were not disclosed.

Arkos Capital
Arkos Capital is an independent Swiss asset management firm. Arkos’s investment fund strategies were established in 2002 within Arner, a Lugano based private bank, and spun-off into the newly incorporated Arkos Capital SA in 2007. Arkos manages a range of low-volatility, liquid and transparent absolute return funds, both offshore and onshore. Its offering includes long/short equity strategies covering Europe and emerging markets, as well as a specialist offering focusing on financial securities and an active convertible bond strategy. As at year-end 2011, Arkos managed in excess of €530m of assets.

GAM Holding
Established in 1983, GAM Holding is an independent, active investment manager, delivering investment solutions to institutions, intermediaries, private clients and charities from offices in financial centres around the world. Its CHF50.7bn in assets under management (as at 30 June 2011) spans approximately 60 separate investment strategies across equity, fixed income, absolute return, funds of hedge funds, discretionary portfolio management and tailored investment solutions. GAM is listed on the SIX Swiss Exchange and is a component of the Swiss Market Index Mid (SMIM).

Role
SHP acted as financial adviser to Arkos Capital.

Dyal Capital Partners (Neuberger Berman)

Transaction Summary
On 12 December 2011, Dyal Capital Partners announced the acquisition of a passive minority interest in Paris-based, Capital Fund Management (CFM). The stake was acquired from the estate of the firm’s founder Jean-Pierre Aguilar, who died in July 2009. CFM’s management have purchased the remainder of the estate’s stake and will be the majority shareholders after the transaction. CFM retained autonomy over its management, operations and investment strategies, and will continue to be led by the existing senior management team. The terms of the transaction were not disclosed.

Dyal Capital Partners
Dyal Capital Partners is a US$1bn private equity fund established by Neuberger Berman. It focuses on taking minority equity interests in institutional hedge fund companies worldwide. The private equity fund seeks to take advantage of the on-going consolidation in the industry.

Neuberger Berman
Established in 1939, Neuberger Berman is one of the world’s leading independent and employee-controlled asset management companies, managing approximately US$183bn in assets (30 September 2011), including US$81bn in equities, US$85bn in fixed income, and US$17bn in alternatives. Neuberger Berman provides a broad range of global investment solutions to institutions and individuals through customized separately managed accounts, mutual funds and alternative investment products.

Capital Fund Management
CFM was founded in 1991 and specializes in quantitative trading strategies. The firm managed in excess of US$5bn through two funds; Stratus (directional trading, volatility arbitrage and equity statistical arbitrage) and Discus (a managed futures programme). CFM has offices in Paris, New York and Tokyo.

Role
SHP acted as financial adviser to Dyal Capital Partners.

Harbourmaster Capital

Transaction Summary
On 6 October 2011, GSO Capital Partners, the global credit platform of The Blackstone Group, announced the acquisition of Harbourmaster Capital for total consideration of approximately US$230m. The Harbourmaster Capital Dublin-based team will continue to support the Harbourmaster funds, and will form a combined platform with GSO's existing European leveraged loan business to develop new European focused funds for their global investor base. The combined European leveraged loan platform will have approximately €11.5bn in assets under management supported by a combined team of 40 professionals in both Dublin and London.

Harbourmaster Capital
Established in March 2000, Harbourmaster Capital is one of Europe's leading investment advisors of secured bank loans. The firm is dedicated to deep,fundamental, long term analysis of sub-investment grade corporates and investment grade infrastructure projects. Harbourmaster Capital advises clients in respect of approximately €8bn of senior secured loans and infrastructure debt.

Blackstone
Blackstone is one of the world’s leading investment and advisory firms, with US$133bn of assets under management (as at 30 September 2011). Blackstone’s alternative asset management businesses includes the management of private equity funds, real estate funds, funds of hedge funds, credit-oriented funds and closed-end mutual funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.

GSO Capital Partners, together with its affiliates, has approximately US$34bn of assets currently under management (as at 30 September 2011), and is one of the largest credit-oriented alternative managers in the world and a major participant in the leveraged finance marketplace. GSO seeks to generate superior risk-adjusted returns in its credit business by investing in a broad array of strategies including mezzanine, distressed investing, leveraged loans and other special situation strategies.

Role
SHP acted as financial adviser to Harbourmaster Capital.

BlueBay Asset Management

Transaction Summary
On 18 October 2010, BlueBay Asset Management plc and Royal Bank of Canada announced that their respective boards had reached an agreement on the recommended acquisition of BlueBay by RBC. Under the terms of the recommended public takeover, RBC valued the issued share capital of BlueBay at approximately £963m, representing a premium of approximately 58% to the average closing share price for the three months ended 15 October 2010. The acquisition was implemented by way of a Court sanctioned scheme of arrangement.

BlueBay Asset Management
Founded in 2001, BlueBay Asset Management plc provides investment management services primarily to institutional investors and manages a combination of long-only and alternative products across the sub-asset classes of investment grade corporate debt, high yield corporate debt, emerging market debt, convertible bonds, distressed debt and multi-strategy debt strategies. Based in London with satellite offices in Stamford and Tokyo, BlueBay is one of the largest independent managers of fixed income debt funds and investment solutions in Europe, with approximately US$40.0bn of assets under management (as at September 30, 2010). Listed on the London Stock Exchange since November 2006, BlueBay was a constituent of the FTSE 250.

Royal Bank of Canada
RBC is Canada’s largest bank as measured by assets and market capitalisation, and among the largest banks in the world, based on market capitalisation. RBC is one of North America’s leading diversified financial services companies, and provides personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. RBC is listed on the Toronto Stock Exchange and the New York Stock Exchange, and had a market capitalisation of C$79bn (£49bn) as at 15 October 2010. For the financial year ended 31 October 2009, RBC reported net income of C$3.9 bn (£2.1bn). As at 31 July 2010, RBC employed approximately 78,000 full- and part-time employees who serve close to 18m personal, business, public sector and institutional clients through offices in Canada, the US, and 51 other countries.

RBC Global Asset Management
RBC Global Asset Management is part of RBC Wealth Management which directly serves affluent and high net worth clients in Canada, the US, Latin America, Europe and Asia. RBC Wealth Management provides integrated and diversified international wealth management expertise and solutions, asset management and trust services to high net worth individuals and to corporate and institutional clients. RBC Wealth Management has more than C$500bn (£310bn) of assets under administration, over C$250bn (£155bn) of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers. For the financial year ended 31 October 2009, RBC Wealth Management reported net income of C$583m (£324m), 15.1% of total RBC net income.

Role
SHP acted as financial adviser to BlueBay.

SRL Global

Transaction Summary
On 26 July 2010, SRL Global announced that it had completed a £7.5m capital raise, following investment by Augmentum Capital, a private equity fund backed by RIT Capital Partners plc, and the hedge fund platform, Revere Capital Advisors.

SRL Global
SRL Global is a technology partner offering a turn-key service to Asset Owners and Asset Allocators. Operating as an out-sourced extension to client investment teams, SRL provides its people and market leading investment data infrastructure to deliver an end-to-end investment data management solution meeting 100% of client requirements for data collection/aggregation, data warehousing and data analytics. Initially established in 2007 as a trading and technology joint venture with Man Group plc to develop a proprietary enterprise wide investment platform for the company, SRL Global was spun out by the management team as an independent operating entity in July 2009.

Augmentum Capital
Augmentum Capital was formed by Tim Levene and Richard Matthews in 2009. Its first fund is backed solely by RIT Capital Partners plc, the London listed investment trust whose substantial investor is Jacob Rothschild and family. Augmentum Capital focuses on dynamic, growth businesses that are break-even or profitable in the e-commerce and technology sectors. Geographically its prime areas of focus include the UK and Hong Kong.

Revere Capital Advisers
Revere Capital Advisors LLC is a New York, London and Singapore based hedge fund platform and Investment Company that obtains revenue shares and/or equity interests in hedge funds and related businesses and leads the sales, marketing and distribution of their products as well as providing operational and corporate advisory services. As at July 2010, Revere portfolio managers had over US$1.5bn of assets under management.

Role
SHP acted as financial adviser to SRL Global on its strategic options, which culminated in the capital raise.

Martin Currie

Transaction Summary
On 1 June 2010, Martin Currie announced the acquisition of the Sofaer Capital European long/short equity business, with approximately US$280m of assets, of which US$140m was in the Sofaer Capital European Hedge Fund and US$140m in two separate accounts. The two principals who managed the assets, Michael Browne and Steve Frost, have also joined Martin Currie. Terms of the transaction were not disclosed.

Martin Currie
Martin Currie is a specialist active equity manager. From its headquarters in Edinburgh, the company manages £12bn (as at 30 April 2010) for clients worldwide, including financial institutions, charities, foundations, pension funds and investment trusts.

Martin Currie has over nine years’ experience running hedge funds, with assets under management of US$1.2bn (as at 1 April 2010). The Company currently manages six single-strategy equity long/short funds covering Japan, Greater China, Global Resources, Global Energy, Global Financials and Global TMT, as well as a diversified equity long/short fund – Omnium – which invests in the entire hedge-fund range.

Sofaer Capital
Sofaer Capital, one of the longest-established hedge-fund managers, was founded by Michael Sofaer in Hong Kong in 1986. The firm manages over US$600m (as at June 2010) across six fundamental equity long/short strategies, and has a highly experienced Asian, European and Global investment team. Most of the firm’s investment professionals and staff of 26 people are based in London and Hong Kong.

Role
SHP acted as financial adviser to Martin Currie.

DP Property Europe

Transaction Summary
On 14 May 2010, the Board of DP Property Europe announced that it had received a requisition from Dinu Patriciu Global Properties Limited (DPGP) to convene an EGM to remove the independent board and delist the company. This followed an indicative proposal received by the Company from DPGP in March 2010. In July 2010, DPGP’s subsidiary Eve Acquisitions announced the recommended cash offer for the company.

Background
DP Property Europe (known at the time as Rutley European Property Limited) was floated in November 2006 at a price of 100p per Share. In July 2009, DPGP (known at the time as Black Sea Global Properties Limited) acquired 74% of the Company via a recommended public offer at 7.25p per Share.

Role
SHP was appointed Rule 3 adviser by the Board of DP Property Europe to advise it on the indicative proposal and subsequent requisition.

Hinduja Group

Transaction Summary
On 21 May 2010, the Hinduja Group announced the acquisition of KBL European Private Bankers (KBL) from KBC Group for a total consideration of €1.35bn. The transaction comprises the sale of KBC’s entire interest in KBL and includes all the private banking subsidiaries as well as the custody and life insurance businesses. The KBL brand, management team and operations will be maintained in their entirety and KBL will continue to be headquartered in Luxembourg.

The transaction ultimately did not complete.

Hinduja Group
The Hinduja Group is a diversified international group founded in 1914 and employing over 50,000 people. It is headquartered in Europe and has offices in many of the largest cities in the world and all major cities in India. The Group has a 30-year history of long-term investments in 10 key sectors covering automotive, energy, hydrocarbon chemicals, information technology, media,and entertainment, infrastructure and project development, real estate, healthcare, trading and banking and finance.

In the banking sector, the Hinduja Group owns Hinduja Bank Switzerland, a private bank active across Europe, the Middle East and India in wealth management, private banking, trade finance and corporate advisory services. It was founded in Switzerland in 1978 and has held a Swiss banking license since 1994. It is headquartered in Geneva with operations in Switzerland, Dubai, the UK, France, the US, Mauritius and India.

KBL
KBL epb operates a unique private banking business model focused on local client service supported by centralised operations. This model has resulted in the global-hub concept based in Luxembourg with control functions such as audit, compliance and risk management. KBL operates some of the strongest brands in leading European markets, including Theodoor Gilissen Bankiers (Netherlands), Merck Finck & Co (Germany), Puilaetco Dewaay (Belgium), Brown Shipley & Co (United Kingdom) and KBL epb Richelieu Banque Privée (France).

At the end of 2009, KBL had assets under management totalling €47bn. The group employed 2,661 staff, 466 of whom are private bankers.

Role
SHP acted as financial adviser to the Hinduja Group.

Thornhill

Transaction Summary
On 11 December 2009, Cazenove Capital Management announced the acquisition of Thornhill Holdings Limited. This deal will give Cazenove Capital access to a successful and well established private client business in Edinburgh. Through the acquisition, it is estimated that Cazenove Capital will add over £600 million of assets managed on behalf of clients throughout the UK.

Thornhill
Thornhill is an independent fund management company, founded in 1985, devoted to growing the wealth of private clients from offices in Edinburgh and London. Thornhill’s Scottish business came out of Martin Currie in 2003. Thornhill looks after over £600m and specialises in managing segregated portfolios for individuals, family trusts, companies, charities, self invested pension schemes, bespoke unit trusts and OEICs.

Cazenove Capital Management
Cazenove Capital Management is an independent asset management company which is owned largely by its employees and former employees, and has £13.5bn of assets under management (as at November 2009). It provides specialist investment management and high quality advice, centred on excellence in UK and European equities and fixed income to professional advisers, institutions, charities and private individuals.

Role
SHP acted as financial adviser to Thornhill.

BlueBay Asset Management

Transaction Summary
On 17 November 2006, BlueBay Asset Management plc announced the successful placing of its IPO on the Main Market of the London Stock Exchange. The offer size was approximately £189m (before over-allotments), which achieved a market capitalisation of £571m and membership of the FTSE 250. The Company did not raise any new money in the IPO, with the principal sellers being BlueBay’s institutional shareholders, Barclays Bank PLC and Shinsei Bank, and the management founders. Concurrent with the IPO, an institutional investor acquired a minority strategic interest in BlueBay.

BlueBay Asset Management
Founded in 2001, London-based BlueBay Asset Management (now part of RBC) provides investment management services primarily to institutional investors and manages a combination of long-only and alternative products across the sub-asset classes of investment grade corporate debt, high yield corporate debt, emerging market debt, convertible bonds, distressed debt and multi-strategy debt strategies. At the time of the IPO, BlueBay managed over US$8bn of assets (as at 30 September 2006).

Role
SHP advised BlueBay on its strategic alternatives and subsequent decision to list on the London Stock Exchange. SHP acted as financial adviser for Company in the IPO and in relation to the minority investment made by the institutional investor.

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