International law firm Simmons & Simmons has advised Mitsubishi UFJ Trust and Banking Corporation (MUTB) in relation to the management buy-out of Mitsubishi UFJ Trust International Limited (MUTI) to form Novate Global Markets Limited (Novate).
MUTB will retain 24% of the issued share capital in Novate, with the remaining 76% now being held by senior management and employees. Novate, headquartered in London, is a sales and trading business focussed on fixed income products.
This was a complex transaction involving a multi-disciplinary team from across the firm, including corporate, regulatory, banking and tax specialists and with input on international regulatory matters in Singapore. It was led by Corporate Partner Jason Daniel, supported by Managing Associates Geraint Steyn and Supervising Associate Hana Bell. Partner Rosali Pretorius, with the support of Of Counsel Malcolm Smith and Supervising Associate Emma Field, advised on the regulatory aspects. They were supported by Banking Partner Elliot Beard alongside Managing Associate Erica Houlihan. Partner Martin Shah advised on tax matters.
Commenting on the successful completion of the project, Jason said: "It has been a real pleasure working closely alongside the MUTB team to realise their vision for this transaction. We wish every success for MUTB's ongoing business in the UK, as well as for Novate Global Markets".