Iceland banking saga hands A&O, 2Birds roles on Kaupthing UK sale

Allen & Overy (A&O) and Bird & Bird are the latest firms to win instructions resulting from Iceland’s banking crisis, acting on the sale of Kaupthing Singer & Friedlander’s (KSF) UK investment management business.

KSF, the UK arm of Icelandic bank Kaupthing, has been put into administration by ­regulators in the UK.

The bank turned to regular adviser A&O on the sale, led by corporate partner Alun Eynon-Evans and restructuring head Mark Sterling, who has also been advising on the bank’s administration.

Wealth management company Williams de Broë is thought to have bought the investment business for less than £1m, far below ­initial valuations. Williams de Broë was represented by Bird & Bird corporate ­partner Simon Allport.

Freshfields Bruckhaus Deringer advised Ernst & Young, Kaupthing’s administrator. The firm is also advising Ernst & Young on the ;administration ;of ­Heritable Bank, a UK ­subsidiary of Iceland’s Landsbanki, as well as the Bank of England through a Chinese wall.

Nabarro won a ­mandate from one of Landsbanki’s UK subsidiaries, Landsbanki Securities, on the sale of a portion of its business to Icelandic rival Straumur.

Partner Rob Moulton led for Landsbanki Securities, now known as Teathers, along with corporate ­partner Elliott Shear and ­litigation partner George Maling.
Restructuring partner Patricia Godfrey is advising ;KPMG ;on Teathers’ administration.