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Lovell White Durrant, CMS Cameron McKenna, Nicholson Graham & Jones and Lawrence Graham are on tenterhooks as Henderson Investors finalises its first-ever property panel review.
The reshuffle comes after Henderson Investors was acquired by Australian company AMP in March 1998 and later merged with AMP Asset Management.
A number of firms, including Lovells, Camerons, Nicholson Graham & Jones and Lawrence Graham, pitched for business in September on a specialised panel focusing on funds work related to its property portfolio.
Robert Kidby, head of property at Lovell White Durrant, says it is the first time the firm has been involved in a tendering process for this type of work.
He says: "As always happens in a takeover or a merger of any kind, both sets of company look at their relationships with their advisers and there is a need to slim down the numbers."
John Vivian, commercial property partner at Camerons says: "The review has taken place over a reasonably lengthy process.
"We were the first firm to do the presentation. I think that the panel work was more specialist, involving structured fund work and looking at European fund work."
Patrick Bushnell, the director of property fund services at Henderson Investors, says the firm is reviewing its position, but he refuses to comment further.