A&O in second raid on Ashurst to boost Lloyd hire

Allen & Overy has hired a second partner from Ashurst, Karan Dinamani, to boost its private equity practice, following the recent appointment of Stephen Lloyd as private equity sector group co-head.

It is understood that A&O has announced the partner hire of Karan Dinamani internally. Dinamani joins from Ashurst’s London office, where he was a partner in the corporate department and a member of the private equity team. He joined the partnership in 2013 as part of the firm’s 12-strong global promotion round (23 April 2013).

Most recently, he led Ashurst’s team and advised Odeon Property on the sale of a portfolio of 10 out of town Odeon cinema properties to LondonMetric Property for £80.6m. He was also part of the team advised Bank of Ireland, BNP Paribas, HSBC, ING, Rabobank, Royal Bank of Scotland and Societe Generale as arrangers and underwriters of the £375m refinancing of the Pret A Manger group.

His move to A&O comes two months after Ashurst’s former global corporate head Stephen Lloyd left to join the magic circle firm in December 2013 (11 December 2013).

London corporate managing partner Richard Browne said: “This appointment further strengthens our PE offering spanning the corporate and finance practices. It comes at a time of increased levels of activity in the sector. Recently, increasing confidence in the markets has triggered a rise in PE-backed IPOs which we expect to continue.”

Lloyd’s move is set to help cement ties between A&O and private equity firm Apax, one of Lloyd’s major clients. Former A&O global co-head of private equity Derek Baird was one of the firm’s key relationship partners for the firm before leaving for Simpson Thacher in November 2012 (8 November 2012).

A&O is thought to have been in talks with a number of private equity big-hitters over the past year, including Mark Soundy who instead opted to join Shearman & Sterling from Weil Gotshal & Manges in May (15 May 2013).