Brum law firms on a roll with Swiss deal
Who?
Helvetia Wealth AG
Did what?
Bought two financial services businesses.
What does this mean?
The Birmingham office of law firm Mills & Reeve has advised Helvetia Wealth AG on the acquisition of two financial services businesses. Helvetia Wealth, a leading asset management business based in Switzerland and Liechtenstein, has bought Glasgow-based City Gate Money Managers and a majority stake in London-based TAM Asset Management, which provides investment products and services to financial intermediaries and investors, for an undisclosed sum. Julian Smith, corporate finance partner at Mills & Reeve in Birmingham, and corporate associate Ben Turner led the team involved in both transactions. Other advisers from Mills & Reeve included Ian Benson, head of financial regulation and risk, Matthew Short (tax), Helen Elliot (employment) and Rob Butler (pensions).
Who advised?
Mills and Reeve, along with London law firm Norton Rose, which advised SPA Corporate Finance on the sale of TAM Asset Management and Birmingham-based Shakespeare Putsman acted for the sellers of City Gate Money Managers.
Insider comment:
The financial services market has been turned on its head, traditional market leaders are under duress, and this creates tremendous opportunities for younger player such as City Gate Money Managers and TAM Asset Management. On the other side of the coin, both deals will give Helvetia Wealth the chance it's been looking for to drive further into the UK market.
Guy van der Walt, executive vice president of Helvetia Wealth, said: "The acquisitions of City Gate and TAM are important deals for us as they strengthen Helvetia's foothold in the UK. They also reflect our appetite and capacity to acquire good businesses, notwithstanding the economic climate."
