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Jersey Structure Plays Key Role In Man Group Acquisition

Wednesday, August 8, 2012

A Jersey scheme of arrangement was used in Man Group plc's acquisition of FRM Holdings Limited, a transaction which establishes Man Group as the largest independent non-US based fund of hedge funds.

A scheme of arrangement provides an alternative to other modes of corporate restructuring through an agreement between a company and its shareholders and/or creditors. The arrangement must also receive approval from a court.

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 USD8bn. The combined group will have total funds under management of approximately USD19bn.

Guy Coltman, partner at Carey Olsen, the firm which advised FRM on the Jersey legal aspects of the transaction alongside Allen & Overy LLP commented: We are delighted to have been involved in yet another significant scheme of arrangement. Carey Olsen is recognized for its expertise in transactions of this kind and so far this year we have advised on three high profile Jersey schemes of arrangement.

This year Carey Olsen was involved in a deal believed to be the largest transaction of its kind in Jersey - Colfax UK Holdings Limited's acquisition of Charter International plc. 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. Carey Olsen was involved in the first Jersey scheme of arrangement, involving Sandpiper CI Group, in 2007.