US firm Morrison & Foerster (MoFo) has bagged closed life insurer Pearl Group as a new client after advising on the outsourcing of Pearl’s life and pensions administration services to TCS, an information technology company that is part of the Tata Group.
It is understood that the US firm won the beauty parade because of its role advising Royal & SunAlliance on outsourcing its life insurance and pensions administration services to Unisys.
The deal is expected to generate more then £480m for TCS over 12 years, while all staff will secure a job with either TCS or Pearl.
The deal is set to close in January next year and go live in February.
The MoFo team was led by partner David Skinner.
Herbert Smith is acting for TCS. Mark Turner, who led the Herbert Smith team, said that this deal marked the first significant one to go ahead after 18 months of working for TCS on projects failing to come to fruition.
Herbert Smith advised Tata Power in March 2005 on raising $200m convertible bond issue.