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Allen & Overy's first deal for Ernst & Young's trust company has fallen through at the 11th hour.
The accountant's Jersey-based trust arm, Ernst & Young Trust Company, had been in talks since June to secure a £50m buyout by German investment bank Dresdner.
The German bank pulled out of talks at the last minute, blaming differences discovered between the two companies at due diligence stage.
Ernst & Young is a client of Allen & Overy but it was the first time the Jersey operation used the firm.
David Waters, managing partner of the trust company, says: "We usually use Jersey law firms but in a commercial matter like this we don't. [Allen & Overy] was recommended to us by our London office."
Dresdner was represented by St Helier firm Mourant du Feu Jeune with Tim Herbert, commercial partner and associate Wendy Malorey working on the deal. A spokesman says: "It is extremely disappointing. It is a difficult and uncomfortable situation for all the parties involved."