Herbert Smith is advising Sherborne Investors (the New York-based turnaround investment firm) on its strategic investment in F&C Asset Management plc.
Sherborne’s investment in F&C has been in the headlines for a number of weeks, since it served a notice on F&C requesting a shareholder meeting to consider resolutions to remove two directors (including the chairman) and appoint three nominees from and to the board of F&C. On Thursday 3 February 2011, shareholders voted in favour of the proposed resolutions leading to a substantial amount of media attention.
Hogan Lovells LLP also advised Sherborne on its stakebuilding and FSA issues in relation to this investment in an FSA-regulated group.
This is the third time that Herbert Smith has advised Sherborne in connection with its UK strategy, having worked closely with it on its investments in Elementis and Spirent Communications. A Herbert Smith team led by funds partner Scott Cochrane advised Sherborne at the start of 2010 in connection with the listing of a Guernsey-based vehicle, Sherborne Investors (Guernsey) A Limited.
F&C was advised by Norton Rose.