Litigation funder Woodsford snaps up Allianz investment officer
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Third party funder Woodsford Litigation Funding has appointed Timothy Mayer, formerly of Allianz ProzessFinanz, as an investment officer to assess cases for investment opportunities.
Mayer joined the company in December following the withdrawal of funder Allianz from the UK litigation market in November (28 November 2011).
The German giant launched its fund in November 2007, but due to conflicts of interest withdrew from the sector.
While at Allianz Mayer helped organise a £50m investment in the Innovator One trial being pursued against Collyer Bristow (3 October 2011).
He also sat on the Civil Justice Council’s working group on third party funding, helping it to devise the code of conduct that the sector complies with (24 November 2011).
“Tim is one of only a handful with real experience of the funding business so we moved quickly to secure his services. Allianz’s loss is very much Woodsford’s gain,” said Woodsford director Jonathan Barnes.
The nascent litigation funding sector is expected to come into its own this year following Government pledges to cut referral fees and introduce contingent commissions to the legal sector. It is widely believed that litigants will be forced to seek out funding deals in combination with or in place of recoverable after-the-event insurance premiums when the Jackson reforms are implemented.
