Freshfields and Linklaters lead on £1bn Gartmore listing

Freshfields Bruckhaus Deringer and Linklaters have taken lead roles on British fund manager Gartmore's £1bn initial public offering (IPO).

Gartmore turned to Freshfields, with the magic circle firm fielding a team led out of its corporate department which included partners Stephen Revell, Jonathan Baird, Will Lawes and Stuart Grider.

Freshfields has previously acted for Gartmore - which does not have a formal legal panel - on various corporate matters, while the fund manager has also been advised by Ashurst in the past.

Linklaters advised the consortium of banks, including UBS and Merrill Lynch, with corporate partner John Lane and capital markets partner Pam Shores leading the firm's team.

The fund manager is half-owned by US private equity company Hellman & Friedman who instructed long-term adviser Cleary Gottlieb Steen & Hamilton as lead counsel. London-based partner Simon Jay lead the firm's team.

The float, which will cover 30%-50% of the company, is intended to cut net debt from £400m to £100m.

Revell told Legal Week: "I hope that this float, which has been very well received, combined with the number of others we have in our pipeline indicates we will see a sustained opening of the IPO market."

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