Categories:Funds
Simmons & Simmons secures US alliance to boost funds practice
Simmons & Simmons has entered into an alliance with US firm Seward & Kissel to do hedge fund and asset management work.
The non-exclusive alliance will gift Simmons’ hedge fund clients access to a full suit of services - including fund formation and management, advisory services on regulation, derivatives, corporate structures, tax, litigation, employment, IP, finance, government investigations, and transactional services – in New York.
Seward & Kissel also has an office in Washington, which focuses on regulatory work. The alliance will not extend to other practice areas.
Simmons’ relationship with Seward & Kissel goes back some 30 years, with the US firm one of the first in the country to tap into the hedge fund market. But Simmons managing partner Jeremy Hoyland said the imperative for Simmons to provide its hedge fund clients with US law advice – and for US firms to offer clients UK and Hong Kong law advice – has increased as regulation of the sector intensifies.
On top of this, a number of US firms that Simmons has worked with in the past have since launched in the UK. Simmons was forced to stop referring work to Akin Gump Strauss Hauer & Feld, Schulte Roth & Zabel and Wilkie Farr & Gallagher after they launched in London and became competitors.
Hoyland stressed that the relationship with Seward & Kissel was not a prelude to a merger but that the two firms are considering setting up secondments for their lawyers.
“There’s a lot of start-ups in the asset management industry and they tend to involve individuals who have spun out of larger funds or institutions,” said Hoyland. “They will be sophisticated buyers of legal services but may no have established relationships with firms and we’re pitching ourselves to do their start-up work and then more as their business develops.”
Readers' comments (8)
Anonymous | 4-Oct-2012 11:19 am
Nice
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Anonymous | 4-Oct-2012 2:18 pm
Can't really get excited by what Simmons do. Guess this is an attempt to retain their top hedge fund guys.
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Anonymous | 4-Oct-2012 2:25 pm
Precursor to a US 'merger'?
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Anon | 4-Oct-2012 2:38 pm
A merger would be much more useful.
Simmons & Simmons is dying on its feet at present.
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Anonymous | 5-Oct-2012 10:09 am
@Anonymous 2:18 pm
Retain their top hedge fund guys? I think you'll find their best two already left for Akin Gump.
Simmons needs a US presence to have a credible hedge practice. The firm has been static for so many years its difficult to take serious.
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Anonymous | 5-Oct-2012 10:32 am
"I think you'll find their best two already left for Akin Gump."
Their best two? TP and IM? hahahahahahaha
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Anonymous | 6-Oct-2012 8:21 am
Do you honestly think that the 'top hedge fund guys' weren't involved in the decision? You make it sound as if the rest of the partners decided on this alliance and then told funds as a nice surprise.
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Anon | 11-Oct-2012 3:27 pm
They have had this arrangement for years. They only put out this press release because they are nervous of clients realising they have no US capability unlike Sidley or Schulte.
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