Global wealth management is an integral to many large financial institutions, and is the primary focus of a number of specialist banks and funds. The products and services these institutions, banks and funds provide are as diverse as the geographical spread of their customers.
We provide clients with bespoke legal advice on private banking and wealth management products. Our lawyers do not limit themselves to working on a particular asset type. Instead, our team comprises lawyers who each have an in-depth understanding of various assets owned by and products offered to ultra high net worth individuals.
We have specialists in such areas as:
- aircraft and yacht finance;
- real estate finance;
- margin loans;
- capital call funding;
- art finance;
- tax (including VAT, SDLT and IHT);
- investment funds;
- dispute resolution; and
- traditional private client work.
We have also acted for banks lending to law firms and to individual partners for their capital. In addition to those mentioned above, we advise on a wide range of various assets which an ultra high net worth individual may wish to invest in, or may wish to use to use as collateral for securing finance. For example, we advise on bespoke transactions involving overseas protective trusts (for example, the Cayman star trust).
Our team of lawyers is dedicated to provide comprehensive and commercially pragmatic advice which is always tailored to the specific needs of our clients. Fieldfisher works through its overseas offices and with local lawyers in offshore jurisdictions. It has strong in-house country desks who act for ultra high net worth individuals from the Middle East and the CIS region.
We are and have for many years been involved in financing of corporate jets, super yachts, trophy properties, works of art and antiquities, portfolios of securities and investments (certificated and dematerialised), hedge fund shares, life policies and gems and precious metals. We also regularly advise on letters of credit and regulatory issues. We can claim true expertise in and understanding of the issues surrounding all asset types that we advise on.
When advising on structuring transactions and products we always keep in mind the lender's exit strategies which are commercially practical for each transaction, customer, asset, jurisdiction and product. We ensure that the terms of the transaction or product support the exit routes from the outset.
We regularly assist in preparation of template documentation for clients when new products or services are launched, or when existing ones need to be updated to reflect changes in the legal, regulatory or commercial framework in which they exist.
We were nominated for "The Lawyer Wealth Team of the Year 2013" and the legal directories have provided the following quotes:
"Andrew Evans has handled a raft of transactions for JP Morgan International, including a recent $12m refinancing of a Bombardier Challenger 300 aircraft, and also acts for ultra high-net-worth individuals." - Legal 500 2014
"[The] head of finance Andrew Evans “brings a lot of experience and knowledge” to transactions. He is “always up to date on market practice and industry standards.” His specialist areas include secured and unsecured lending, asset finance in wealth management and real estate finance." - Chambers 2014
“Responsive and commercial - they turn things around incredibly quickly. Strong and technical firm with high-calibre banking lawyers.” - Chambers 2014
“Exceedingly good response; they always make themselves available. A very pleasant crowd to work with on a human level, and they know us inside out.” - Chambers 2014
Notable deals / highlights
We regularly act for two major US investment banks on all aspects of corporate aircraft financing, from numerous ad hoc queries relating to the "lender friendliness" of various jurisdictions to completing the financing (including pre-delivery) of the sale and purchase of over 60 corporate jets involving a large number of jurisdictions (including Austria, Belgium, Bermuda, BVI, Cayman, Denmark, Gibraltar, India, Ireland, Isle of Man, Israel, Luxembourg, Portugal, Russia, Switzerland and the USA).
Acted for a major US investment bank on a US$44,625,000 secured term facility to finance the acquisition of a Gulfstream G650 aircraft. .
Acted for a major US Investment Bank on a €29,500,000 secured term facility to re-finance the acquisition of a 65.5 metres luxury motor yacht. This transaction had a strong cross border element and involved organising and liaising with counsel in Russia, the BVI, the Cayman Islands, Delaware and The Netherlands.
Acted for a major US investment bank on a US$60,000,000 loan to an ultra high net worth individual secured on a silk screen contemporary art work and advising on its subsequent transfer to various art depositaries involving a UK pledge agreement and letters of attornment.
- Acted for a major US investment bank on a US$70,000,000 term loan facility to an ultra high net worth American individual. The loan was secured by a large portfolio of works of art, some of which were being exhibited at galleries in London at the time of entry into the loan arrangements.
- Acted for a major US investment bank in relation to facilities totalling EUR 120,000,000 to a Cayman borrower where the collateral comprised of a French law financial securities account pledge granted by a Luxembourg entity creating a first ranking security interest in respect of certain securities custodied with a third party bank, and a Belgian law third party cross pledge granted by a Dutch entity in respect of securities custodied with the bank.
- Acted for a major US investment bank in London in connection with a US$50,000,000 margin loan facility to be extended to a Turkish entity to be secured by a portfolio of shares, most of which are listed on the Istanbul stock exchange.
- Acted for the Brussels Branch of a major US investment bank in respect of the financing of a London trophy property. The ownership structure included a nominee arrangement and the bank took a guarantee (surety) from the Ukraine ultimate beneficial owner), a guarantee from the owner SPV BVI entity of the property and as security, a mortgage over the property and a charge over the shares of the owner entity from its Luxembourg shareholder. We advised on the banking and real estate aspects of this property.