09:34, July 24 160 0

2017-07-24 09:34:07
Ashurst loses finance group in New York after restructure

Ashurst’s New York office has been hit by five partner departures after a restructuring of its US finance practice.

The quintet have already left Ashurst and are set to join US firm Chapman & Cutler.

The group includes partners David Nirenberg, Thomas Glushko and Patrick Quill, as well as Steven Kopp and Doug Bird.

The exits are understood to have resulted from a restructuring of Ashurst’s US finance division following several departures in London to Paul Hastings.

Partners Michael Smith, Diala Minott and Cameron Saylor, specialising in collateralised loan obligations in particular, all joined Paul Hastings late last year.

Their moves are thought to have affected the work carried out by the US team, with the New York departures symbolising a retreat by Ashurst from this area.

Ashurst managing partner Paul Jenkins said: “We restructured the US practice earlier on in the year and these departures are a consequence of that.

“The CLO practice is less relevant to our global structured finance practice. We will not be replacing the CLO team and we will be focusing our investment on practices which operate successfully across our platform.

“The departures to Chapman and Cutler will not be detrimental to the profitability of our US or global business. We are pleased with the success we have had in our funds finance and infrastructure practice and we see real prospects for growth and investment in these areas. This approach and further steps we are taking will continue to improve our business in the US.”

Late last month, Ashurst revealed that its first positive financial results since it merged with Australian firm Blake Dawson in 2013.

After two years of declining profits and turnover, Ashurst said its average profit per equity partner (PEP) had risen 11 per cent from £603,000 to £672,000.

The firm’s global turnover enjoyed an uplift of 7 per cent, growing from £505m to £541m.