Carey Olsen has advised on the sale of FRM Holdings Limited (Financial Risk Management, “FRM”) to Man Group plc (Man) by way of a Jersey scheme of arrangement.
FRM is one of the largest and best resourced hedge fund research and investment specialists with a global infrastructure of six offices and approximately 150 professionals in Europe, North America and Asia and it has funds under management of approximately $8 billion.
Man is a world-leading alternative investment management business. Man and FRM’s combined multi-manager business will have total funds under management of approximately $19 billion, making it the largest independent non-US based fund of hedge funds.
A cross-practice Carey Olsen team was instructed by, and worked in conjunction with, Allen & Overy LLP and included partner Guy Coltman, senior associate David Allen and associate David Taylor from Carey Olsen’s Corporate and Finance Group, and partner John Kelleher and associate Louise Woolrich from the firm’s Litigation Group. The Carey Olsen team advised FRM on the Jersey legal aspects of the transaction, including all corporate and Royal Court of Jersey assistance.
Mr Coltman said: “We are delighted to have been involved in yet another significant scheme of arrangement. Carey Olsen is recognised for its expertise in transactions of this kind and so far this year we have advised on three high profile Jersey schemes of arrangement.”
In 2012, Carey Olsen has advised on a number of high profile Jersey acquisitions by way of schemes of arrangement, including a deal that is believed to be the largest transaction of its kind in Jersey – Colfax UK Holdings Limited on its acquisition of Charter International plc, as well acting for CPA Global on its acquisition by Cinven.
In 2010, the firm structured and effected the largest ever scheme of arrangement in Jersey at the time when leading independent investor and fund manager Intermediate Capital Group acquired a large stake in legal services firm CPA Global. The corporate team also advised Rambler Media Limited on the cash acquisition of the shares of minority shareholders in that company by ProfMedia Group, one of Russia's largest media holding groups and a major private investor in most sectors in the Russian media market, through a Jersey scheme of arrangement. In 2007, Carey Olsen played an integral role advising the Sandpiper CI Group on the first Jersey scheme of arrangement.