Law firm Knights gunning for largest-ever law firm flotation June 3, 2018 Law firm Knights is set to announce its intention to float on the London Stock Exchange tomorrow in what will be the largest law firm flotation so far. The June initial public offering (IPO) is expected to value the business in excess of £100m, outstripping Gateley, the first English firm to go public in 2015, [...]
Moulton-backed litigation funder Manolete Partners lines up £100m London listing May 13, 2018 A litigation funder backed by private equity veteran Jon Moulton is planning an autumn listing in London that could value it at £100m. Manolete Partners, which was founded in 2009, focuses on buying legal claims from insolvent companies or providing litigation funding to help creditors to pursue claims themselves. Better Capital boss Moulton owns more [...]
National Audit Office casts doubt on progress of court modernisation process May 9, 2018 The National Audit Office (NAO) has released a sceptical report about a massive £1bn court modernisation programme that aims to cut 5,000 jobs and reduce spending by £265m. In its report the NAO said the HM Courts & Tribunals Service (HMCTS) which is driving the changes faces a “daunting challenge” in delivering the modernisation programme [...]
Rosenblatt to take aim at litigation funders with £7m war chest and plans for a further fund following today’s London float May 8, 2018 City law firm Rosenblatt confirmed today that it could launch its own stand-alone fund to invest in litigation cases. Speaking to City A.M. the firm’s chief executive Nicola Foulston said: “We are interested in looking to open a separate regulated fund to fund third party litigation.” Rosenblatt floated today on the London Stock Exchange and [...]
Oliver Holbourn, the head of UKFI which manages the government’s stake in RBS, is set to join the bank as head of strategy May 5, 2018 Royal Bank of Scotland (RBS) is set to get a new head of strategy, as it recruits the man who has spend the last several years managing the government’s stake in the bank. Oliver Holbourn, who was formerly chief executive of UK Financial Investments (UKFI), is in talks with RBS about taking the senior role, [...]
RBS is closing 162 branches resulting in 800 job losses as more customers opt for mobile banking May 1, 2018 The Royal Bank of Scotland (RBS) is closing 162 branches and cutting nearly 800 jobs after a review of its network in England and Wales, noting that an increasing number of customers were using branches less often and using mobile banking. It said the branch closures will result in 792 roles being made redundant and [...]
Court of Appeal to hear British Airways’ challenge against pension trustee powers April 30, 2018 The Court of Appeal is gearing up hear the latest round of the bitter dispute between British Airways and its pension trustees over a new power granted by the trustees to award additional payments to staff. The high-profile case centres on the switch of public sector pension increases from the Retail Price Index (RPI) to [...]
Litigation funder Vannin Capital eyeing multi-million pound London float April 29, 2018 Litigation funder Vannin Capital is working with advisory firm Evercore on plans for a London float that could value it at close to £1bn. Sky News reports that the litigation funder is working with investment advisory firm Evercore on a potential float and is close to appointing banks Barclays and Jefferies as underwriters on the [...]
Rosenblatt confirms it will be the fourth English law firm to go public April 23, 2018 City law firm Rosenblatt has confirmed that it plans to float in London next month, which will make it the fourth English law firm to go public. City A.M. exclusively revealed last month that the firm was considering a float and had appointed Cenkos Securities as a broker. Read more: Exclusive: City law firm Rosenblatt [...]
From vicars to City titans: Goldman Sachs, Shell and Barclays among names behind £550m Lloyds legal battle | City A.M. April 4, 2018 Today City A.M. reveals the varied and surprising names behind a massive £550m legal battle with Lloyds over its takeover of HBOS at the height of the financial crisis – and the cast includes major institutions, aristocrats, vicars and politicians. The groups, which includes institutions such as Goldman Sachs, Nomura Asset Management and pension funds [...]