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Jonathan Gilmour

Sunday, 23 September 2018
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Jonathan Gilmour

Finance
jonathan.gilmour@traverssmith.com
+44 (0)20 7295 3425
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Jonathan is a partner in our Finance Group. Specialising in derivatives and structured products from both a transactional and advisory standpoint, he is widely regarded by peers and clients as one of the leading specialists in his field, and as a champion of 'buy-side' interests in the UK derivatives market.  He counts among his clients some of the UK's largest and most sophisticated occupational pension schemes, investment managers, private equity houses and challenger banks. Jonathan also has considerable experience in leveraged finance and general banking matters.

Jonathan is regularly involved in:

  • negotiating and advising on ISDA, GMRA and GMSLA documentation as well as the impact of related regulation including EMIR and SFTR
  • advising on the structure and documentation of bespoke transactions to hedge exposure to key market risks, including interest rate, inflation, FX and longevity (encompassing collateralised longevity insurance transactions)
  • negotiating and advising on English law collateral, security and other credit support arrangements
  • advising on investment management, custody, clearing and collateral management arrangements, as well as pension scheme funding arrangements.

Recent highlights include advising:

  • Bridgepoint Advisers on a project to put in place fund-level derivatives trading platforms for four of its flagship funds, involving negotiations with several counterparty banks
  • Brown Brothers Harriman on a project to put in place new securities lending arrangements for its $54bn assets under management with 17 banks and on its custody arrangements for compliance with EMIR margin rules
  • a major European investment bank on the restructuring of its credit default and inflation swaps linked to insurance-backed project finance transactions
  • Cheque & Credit Clearing Company on the launch of a new payment system for processing cheques and similar payment instruments in the UK
  • the Trustee of the British Steel Pension Scheme on the investment aspects of its highly-publicised separation from Tata Steel
  • the trustee of the Guilbert UK Retirement Benefits Plan on the structuring aspects of the sale by Office Depot of its European business to The Aurelius Group
  • the trustees of a major blue-chip pension scheme in relation to a £1 billion contingent covenant support agreement

Other notable experience includes advising:

  • 3i, Actis, Apax Partners, Ares Capital, Bridgepoint, Charterhouse Capital Partners, EQT Fund Management, ICG, Montagu and Varde Partners Europe on their derivatives transactions and on compliance with aspects of EMIR and other regulation affecting their derivatives arrangements

  • various corporate, funds and investment manager clients, including Allianz Global Investors, Generation Investment Management, Micro Focus International, Pret a Manger and Shepherd Neame on the negotiation of ISDAs, GMRAs, GMSLAs and bespoke hedging transactions

  • banks including Commerzbank, Investec, Lloyds Bank, Shawbrook Bank, Silicon Valley Bank and Wells Fargo on various derivatives, repo and related regulatory mandates

  • a number of pension scheme trustees, including the trustee of the Akzo Nobel (CPS) Pension Scheme and Bentley Motors, in relation to collateralised longevity hedging products for aggregate liabilities exceeding £3bn and the trustees of the AXA UK Scheme, as conflict counsel, in relation to its £2.8 billion insurance-wrapped longevity hedging transaction

  • the trustee of the Vodafone Group Pension Scheme in relation to the transfer of transferring over £1bn of investment products from the Cable & Wireless Worldwide Retirement Plan

  • some of the UK's largest pension funds, including the trustees of the Associated British Foods Pension Scheme, British Steel Pension Scheme, TRW Pensions Trust, Unilever UK Pension Fund, Vodafone Group Pension Scheme and Willis Pension Scheme, on the negotiation of ISDAs, GMRAs, the investment schedules of IMAs, collateralised structures and security documentation

  • Macquarie Bank on the £170m refinancing of its portfolio of gas and electricity meters and the financing of the Energetics group

  • CLS Holdings on the issue of its £65m 5.5 per cent retail bond.

Jonathan is a member of a number of ISDA and FIA working groups and sits on the FMLC's High Level Advisory Group on Brexit and its FinTech and Asset Management Scoping Forums. He is also an active member of the AIMA and Invest Europe Derivatives Working Groups and of the Association of Pension Lawyers’ Investment Sub-committee and its Special Working Group on Brexit, as well as The Institute and Faculty of Actuaries Members' Interest Group on Bulk Annuity and Longevity Swaps.

Jonathan is also a regular and sought after speaker on derivatives, including most recently at the Fund Finance Association's Global Symposium 2018.

Clients praise Jonathan in the Legal 500 2017 for 'hard work and dedication' as well as showing 'great attention to detail' and 'the ability to explain complex issues in a very clear way to the layperson’.  The IFLR1000 also describes Jonathan as 'very good'.

The derivatives and structured products team has risen each year in the Legal 500 rankings, and has achieved a Tier 3 ranking in the latest edition.

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