Ashursts beat off competition from a number of firms including Slaughter and May, which is already on the bank's legal panel, and Weil Gotshal & Manges, which missed out due to a conflict.
Dominic Bacon, head of legal and compliance at GIB UK, said he chose Ashursts because it is better known in the CDO market than the other firms that pitched.
In the past, Dechert advised GIB UK on capital markets work, including CDOs, but the firm was ditched from the bank's legal panel in January (The Lawyer, 13 January).
“We will be reviewing whether Ashursts should be on the panel. But the expectation is that they will be,” said Bacon.
Around 16 firms have pitched to replace Dechert on funds work.
Ashursts capital markets partner Erica Handling, who specialises in structured products, will manage the firm's relationship with GIB UK.