Press release from Carey Olsen on Wednesday 24 June, 2020.
Lawyers from Carey Olsen's corporate practice have acted as lead counsel to Lloyds Bank International on the sale of its wealth management and funds business in the Channel Islands to investment management services provider Brooks Macdonald.
The business has total funds under management of £1.0 billion (as of 31 May 2020). The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter of 2020.
The Channel Islands Carey Olsen team advising Lloyds Bank International was led by Jersey corporate partner Guy Coltman, assisted by senior associate David Taylor and associate Steven Khan. Jersey counsel Huw Thomas and senior associate Nienke Malan also supported the transaction from an employment and funds/regulatory perspective. In Guernsey, corporate partner Tom Carey and senior associates Chris Hutley-Hurst and John Scanlan advised on the Guernsey aspects of the transaction.
Guy said: "We are pleased to have supported Lloyds on the sale of their wealth management and funds business in the Channel Islands. The transaction also underlines Carey Olsen's reputation as a go-to legal adviser for advising on mergers and acquisitions, particularly in the Channel Islands and the domestic financial services sector."
Brooks Macdonald's acquisition consists of 100 per cent of the share capital of Lloyds Investment Fund Managers Limited and the investment management assets and investment management client relationships of the discretionary investment management clients of Lloyds Bank International Limited.