Stephenson Harwood advises Sanditon on launch of first investment trust

Stephenson Harwood has advised Sanditon Asset Management on the launch of its first investment trust — Sanditon Investment Trust plc.

The trust was admitted to trading on 27 June 2014 having met its target fundraise of £50m through a public offer and placing. The trust will invest in a portfolio of pan-European stocks and will invest both long and short, either directly through the use of contracts for difference.

Sanditon is a newly formed asset management business set up by ex-Cazenove Capital Management managers Tim Russell and Chris Rice. An added attraction of the new trust is that it has taken a 20 per cent stake in Sanditon, meaning that as Sanditon grows its business the trust will also share the benefit of that growth. Sanditon plans to launch further funds later this year.

Stephenson Harwood advised Sanditon on all the legal and regulatory issues involved in the transaction. The team was led by corporate partner Alex Haynes, supported by corporate associates Nick Horton and John Meehan and corporate trainee Victoria Silver.

JP Morgan Cazenove acted as sponsor and placing agent and was advised by Ashurst partner Jonathan Parry and senior associate Stuart Dullard.