Simmons & Simmons is adding asset management and investment funds to its list of core sectors as the firm prepares to embark on its latest three-year business plan.
Simmons currently has four core sectors – energy and infrastructure, life sciences, TMT and financial services – but plans to introduce a fifth, which will be carved out of the existing financial services group.
The change is part of Simmons’ latest three-year business plan, the first under the leadership of senior partner Colin Passmore and managing partner Jeremy Hoyland. The plan comes into effect in May and seeks to capitalise on the firm’s existing strengths.
The asset management and investment funds sector will be headed by London corporate partner Colin Leaver and, according to Passmore, will comprise around 65 partners, some of whom will overlap into other sectors. Revenue from asset management and investment funds clients contributed around £31m of the firm’s £242.9m turnover in the 2010-11 financial year.