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Schroders has identified international reach as a fundamental requirement for firms pitching for its first global panel - a move that could have wide implications for some of its traditional advisers. The pitch document states that only firms which Schroders considers able to provide global reach will be selected to attend the formal presentation stage. It also asks firms to provide a brief description of their representation in more than 20 countries - not just major legal centres, but also regions such as Argentina, Indonesia, and the Cayman Islands.
Slaughter and May and Allen & Overy are both key advisers to the investment house, with a number of firms advising on smaller work.
Firms without a global reach may still get a small role. There is a supplemental pitch process that allows business unit heads to nominate firms with which they have close relationships for work in a particular niche or region.
The shake-up of legal advisers for the investment house, comes after the appointment of former Barclays head of legal Howard Trust.