Allen & Overy targets investment funds with Clifford Chance team

Allen & Overy targets investment funds with Clifford Chance team” />Allen & Overy (A&O) is set to make a push on the investment funds market with the hire of a team of six associates from Clifford Chance in London. The raid leaves Clifford Chance with just 13 assistants in the London group.

The team, headed by senior associate Matthew Huggett, is understood to be joining Simon Gleeson’s three-partner bank regulatory group in September. It will provide a boost to the investment funds side of A&O’s business, which has traditionally lagged behind Clifford Chance and Linklaters.

Clifford Chance’s investment funds group has undergone minor upheaval in recent months following the decision by rated partner Tim Herrington to go part-time and the departure of Stephen Ross to join Man Group.

However, Clifford Chance’s derivatives and private equity funds businesses remain unaffected. The private equity funds group, led by Jason Glover, joined the private equity transactional group three years ago.

In a statement, Herrington said: “We naturally regret the decision of this small group of lawyers to move to another firm, but we wish them well in their future careers.

“Our commitment to the asset management sector remains undiminished. Demand for our expertise in this area is growing, and we’re confident that this will be a significant area of business for the firm in the year ahead.”

Allen & Overy declined to comment.