Addleshaw Goddard has moved to capitalise on an expected surge in financial services outsourcing activity by establishing a dedicated middle office fund management outsourcing team within its technology and outsourcing group.
The 12-lawyer team, to be headed by technology and outsourcing partner Andrew Rigby, is comprised of outsourcing, tax, employment, pensions, financial regulatory and corporate lawyers.
The Addleshaws team will target fund managers looking to outsource their middle office functions, such as asset administration, valuations and pricings.
“Over the past 18 months it’s become increasingly clear to us that there’s a gap in the market,” said Rigby. “I believe we’re at the cutting edge here.
“We’re increasingly seeing this type of deal coming through and industry experts expect it to take off in the UK and Europe. These transactions are particularly complex and important; we’re talking about outsourcing a fund manager’s liquidity.”
Ashurst, Clifford Chance and Latham & Watkins are the firm’s main competitors in this area. Ashurst advised US bank State Street in October 2005 on its £8.75bn outsourcing deal with Scottish Widows Investment Partnership.
Addleshaws played a key role in the £40bn fund management outsourcing deal between Aegon Asset Management and Citigroup in January.