With more than 20 years of experience, Skadden’s asset management team has handled transactions of all kinds involving publicly traded and privately held asset management firms.
Skadden is one of the few major law firms worldwide with a group of attorneys dedicated to transactions involving asset management, wealth management, broker-dealer and related financial services businesses.
We are conversant with the wide variety of legal, financial, tax, regulatory and commercial issues that these transactions present. As a result, we have developed considerable fluency in related disciplines — including tax, compensation and the applicable regulatory regimes — and a deep understanding of the underlying investment products.
Our asset management M&A team has worked on a wide array of M&A transactions, advising traditional retail and institutional managers with a limited suite of conventional products; diversified firms with numerous platforms offering a full range of products through multiple distribution channels; alternative asset management firms, such as hedge funds, private equity funds, and funds of funds; managers of specialized product offerings such as ETFs and CDOs; investment banks; broker-dealers, including online brokerage firms; and service providers, such as hedge fund administrators.
Our experience includes acquisitions, carve outs, minority investments, management buyouts, restructurings, joint ventures and capital markets transactions. We have extensive experience in transactions involving the acquisition of less than 100 percent of a firm, ranging from controlling stakes to passive minority positions involving a variety of economic and governance terms (such as traditional common equity and partnership interests); interests structured as revenue shares; and interests structured in multiple classes to reflect different rights to different cash flows (e.g., management fees and incentive fees). We also are well versed in the governance, liquidity, regulatory and other issues arising in such transactions.