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Skadden Arps Slate Meagher & Flom is launching a City funds practice with the hire of partner Stephen Sims from Macfarlanes.
Sims, who focuses on private equity funds, is set to join the US firm to kickstart its first European funds offering, although the timescale is unclear.
The departure leaves Macfarlanes with four funds partners - practice head Bridget Barker, David Berman, Tim Cornick and Stephen Robinson - as well as a number of tax partners focusing on funds work.
Macfarlanes senior partner Charles Martin said the firm’s funds practice was “in great shape” and that the client roster was secure despite Sims’ exit. He also said that the firm was set to make up new partners in the area.
“We’re sad to see Stephen go but it’s not going to present an insurmountable problem to us,” Martin said.
The hire is expected to present Skadden with strong opportunities in fund formation, a practice that would complement its private equity and US investment management group.