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Dechert has opened an office in Frankfurt with the hire of a former Dewey & LeBoeuf partner and the head of Mayer Brown’s German private investment funds group.
Carsten Fischer, a partner and a leader of the regulatory team at tax consultancy WTS Group, has already joined Dechert.
Mayer Brown partner Benedikt Weiser is expected to join next month.
Dechert’s deputy chair of international Peter Astleford said the new German development tied in closely with the US firm’s existing presence in Luxembourg and its Dublin office launch last year (1 March 2010).
In particular Astleford highlighted the growing need for capacity in Frankfurt and other financial centres because of looming regulatory and tax changes under the EU’s Alternative Investment Fund Managers Directive which are set to come into force from July 2013.
“What’s clear is that with these changes financial services will be more of a European regulated practice [as opposed to off shore] and therefore there’ll be more of a need for boots on the ground,” added Astleford. “I fully anticipate we’ll announce more hires in Germany.”
Dechert’s Frankfurt office will be headed by local managing partner and founder and chairman of the German Alternative Investment Association Achim Pütz, who joined the firm in 2010 from SJ Berwin (1 September 2010).
Fischer’s practice focuses on asset management, banking regulation and insurance law. He has extensive experience in regulated and non-regulated funds, including Ucits, real estate funds, private equity funds and hedge funds.
Weiser advises on all aspects of asset management, regulated and unregulated funds, private equity, general M&A and corporate law. He also covers related tax and regulatory matters in all relevant fund jurisdictions.
Dechert has had a presence in Germany since 2004 when it opened an office in Munich.