Our Derivatives and Structured Products Group has an extensive track record in derivatives and structured finance products.
We are both a transactional and an advisory practice and act for a broad mix of investment banks, asset managers, pension schemes, funds and corporates.
Our regular work includes:
- negotiating and advising on ISDA, GMRA, GMSLA and other industry standard documentation and on the impact of related regulation (including EMIR);
- advising on structuring and negotiating the documentation of bespoke transactions, including in respect of the hedging of longevity, interest rate, inflation, FX and other key market risks;
- negotiating and advising on English law collateral security and other credit support arrangements; and
- advising on investment management, custody, clearing and collateral management arrangements.
We work closely with a broad multi-disciplinary group comprising our finance, financial services, pensions, funds, tax and dispute resolution specialists.
We have developed close working relationships with the leading financial advisers and investment managers in the industry and have regular interaction with the principal regulatory authorities, ensuring that we are always up-to-date with significant developments, both in terms of documentation and evolving policy at a UK, European and international level. We are members of ISDA, ICMA and the Financial Markets Law Committee.
Selected recent work includes advising:
- a major UK pension scheme on an insurance buy-out contract in respect of c.£2bn of liabilities;
- the Akzo Nobel (CPS) Pension Scheme on a longevity insurance contract with Swiss Re for £1.4bn of liabilities;
- the Vodafone Group Pension Scheme on the derivatives aspects of the transfer of over £1bn of investment products from the Cable & Wireless Worldwide Retirement Plan, pursuant to the merger of those two schemes;
- Generation Investment Management on the establishment of its suite of derivatives trading agreements, to hedge liabilities relating to c.US$11bn of its own funds, and managed client accounts;
- Peel Ports Holdings, Silicon Valley Bank, and Varde Partners (among others) on compliance with aspects of EMIR and other regulation affecting their derivatives arrangements;
- on the negotiation of ISDAs, GMRAs, the investment provisions of IMAs, collateralised structures, custody and security documentation, for:
- some of the UK's largest pension schemes, including the trustees of the Associated British Foods Pension Scheme, British Steel Pension Scheme, Dow Services UK Pension Plan, Mirror Group Pension Scheme, TRW Pension Scheme, Vodafone Group Pension Scheme and Willis Pension Scheme; and
- various corporate, funds and investment manager clients, including Autodesk, Benson Elliot, Eurizon Capital, Marathon Asset Management, Polycom and RAR (among others).