Terra Firma Capital Partners, the new fund run by Nomura's ex-head of principal finance Guy Hands, has poached a senior lawyer from the bank to take up the newly-created position of global general counsel
Tim Pryce was the section head of transactions and legal for the principal finance group at Nomura before joining Hands' team. Hands made more than £2bn for the bank during his seven years there, but left to set up his own fund in March 2002. He negotiated a deal with Nomura on his departure and continues to manage the bank's private equity assets. The new fund manages Le Meridien Hotels & Resorts, which Nomura, advised by Clifford Chance, bought for £1.9bn from Compass in 2001. As well as Pryce, 70 other employees are understood to have left with Hands. There is one other lawyer on board who reports to Pryce. Terra Firma uses a range of external lawyers, most of them the same ones that Nomura instructs. Nomura's preferred advisers are Allen & Overy, Clifford Chance and Linklaters. Ashurst Morris Crisp also acts for the bank. Pryce told The Lawyer that a review is currently underway to formalise which firms will be used in future.