A Travers Smith team led by senior partner, Chris Hale and corporate senior associate Will Yates has advised NewSmith LLP ("NewSmith") on the sale of its asset management business to Man Group PLC ("Man Group") for an undisclosed sum. The acquisition is expected to complete in the second quarter of 2015, subject to regulatory and other approvals.
NewSmith has offices in London and Tokyo and has four portfolio management teams with 15 investment professionals, investing in UK, European, Global and Japanese equities. The firm is approximately 60% owned by its founders and senior staff members and approximately 40% owned by Sumitomo Mitsui Trust Bank Limited ("SuMi TRUST"), Japan"™s largest institutional asset manager. Man Group has a long term collaborative relationship with SuMi TRUST which has indicated its strong support for the transaction and they will maintain their investment in the NewSmith funds.
The Travers Smith team included corporate senior associate Naveed Anwar, corporate associate Adrian Duncan, financial services and markets partner Tim Lewis, financial services and markets senior associate Matthew Hodgson, tax partner Simon Yates, tax associate Camila Southall and commercial associate Alyson Lloyd.
SuMi Trust was advised by Linklaters LLP (David Holdsworth and Peter McCabe) and Man Group was advised by Herbert Smith Freehills LLP (Mike Flockhart and Heidi Gallagher).