Slaughters grows FTSE 250 lead with key client additions

Data provided by Adviser Rankings Limited shows a largely static quarter in FTSE 100, FTSE 250 and Aim client tables.

Slaughters held steady at the top of the FTSE 100 table with 29 clients but added two FTSE 250 clients in the shape of insurer Direct Line and material group Morgan Crucible, lifting its count in the index from 42 to 44.

The firm was brought in to advise Direct Line alongside existing adviser Allen & Overy on its IPO last year (14 September 2012).

It also won Morgan Crucible last year after corporate partners Stephen Cooke and Simon Nicholls pitched for the company’s legal work, which has not yet involved a major transaction.

Cooke commented: “We’re always sniffing around for new clients. We play the long game. We go for the clients, not the deals. Build it and they will come. The reality with the FTSE 100 is you have to look at it over a much longer period. To me, the trends over ten years or so - where we do well - are what matters. We’re top of all the three ranking across the board - FTSE 100, 250 and listed.”

Ashurst remains second for FTSE 250 clients but dropped by one client due to the exit of Shanks into the small-cap indices.

Linklaters rose from fourth to second, increasing its FTSE 250 client count from fourth to second by adding Alent and Vesuvius, both formed when existing Linklaters client Cookson split in two.

Herbert Smith Freehills’ (HSF) FTSE 250 count dropped from 24 to 23 after the firm lost client TUI Travel from its roster because it moved up to the FTSE 100, causing it to dip below Linklaters into joint fourth place with Freshfields Bruckhaus Deringer.

There was minimal change in the FTSE 100, with Allen & Overy dropping by one client from 20 to 19 but retaining fourth place behind Slaughters, Freshfields and Linklaters. HSF gained one client in the elite index but remains fifth.

Aim saw more movement, with Pinsent Masons keeping the top spot after adding three new clients, Aimshell Acquisitions, IPSA Group and Tyman, and losing two: Autoclenz Holdings and Lupus Capital.

Memery Crystal remains second but saw its Aim client roster shrink by one after it gained EQ Group and Hunter Resources but lost Evolve Capital, Gem Biofuels and Kingswalk Investments. Evolve has delisted from Aim.

Offshore firm Carey Olsen remains third but moved down by one quoted client, losing Sofia Property Fund, which has also delisted.

Adviser Rankings, which compiles the tables, was formed by former employees of Morningstar (previously Hemscott), which last year chose to exit the law firm rankings business. The latest rankings cover the period from 2 November 2012 to 7 February 2013.

Morningstar data has previously showed how Pinsents had stormed to the top of the Aim rankings after its merger last year with Scotland’s McGrigors, displacing usual leader Memery Crystal (29 October 2012).

FTSE 100, FTSE 250 and AIM: the top ten

Source: Adviser Rankings Limited