Head of asset
finance: Mark Russell
No. of partners
(assistants): 12 (46)
Key lessor clients: Engine Lease Finance
Corporation, HSH Nordbank, QBE Insurance (Europe) Limited, Credit
Suisse, EBRD, GE, GECAS, Macquarie Aircraft Leasing Limited, BTMU
Capital Corporation, Beacon Rail Leasing Limited, Transdev/RATP
consortium, SNCF, Keolis Group, World Bank, Bank of Scotland, DnB
NOR, Natixis, DVB Bank, Fortis Capital Corp
Key lease broker
clients: N/A
Key manufacturer
clients: N/A
New clients gained in
2009: N/A
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Big ticket ship and aviation finance makes up
the bulk of Stephenson Harwood’s asset finance work, both areas
which are not focused on in this magazine.
However, it has an interesting and growing
rail practice, the head of which, Mary Bonar, hopes will grow as
changes in the marketplace take effect.
Bonar is keen to get a larger share of the
lucrative passenger rail finance advise market. So far the firm’s
work in this sector has been fairly piecemeal, such as litigation
advise for HSBC Rail and some M&A work relating to Porterbrook.
The rail group’s main finance advise work has been in the freight
sector.
However, with ‘magic circle’ law firms
generally scaling-down their asset finance arms, combined with the
growing number of new UK banks in the rail finance sector (Lloyds,
National Australia Bank and SMBC Leasing), potential opportunities
abound.
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By GlobalDataIt also has another factor erring in its
favour – its people.
It is about to announce the arrival of a rail
asset finance partner, whose clients include roscos.
Bonar herself joined the firm three years ago
along with Martin Fleetwood – both had acted for Siemens, SNCF
Participations, a subsidiary of the French state railways, Transdev
SA, the large French public transport operator, Keolis, the French
private sector transport group, and BTMU Capital Corporation, the
US organisation which bought Allco Finance Group’s European rail
business in May 2008.
Ex-Freshfields lawyers Asheesh Das and Paul
Ng, the global head of aviation at the firm, are both members of
the firm’s international rail team, as are former Cameron partners
Paul Richardson and Chris St John Smith. Clare McConnell, who heads
the firm’s projects group, has a strong rail finance background and
has advised, for example, on the IEP.
Recent deals include advising Transdev and its
JV partner, RATP, in its bid to become the operator of the new
Dublin North Metro system; for BTMU Capital Corporation on freight
leasing deals in Europe with CargoNet AS worth €40 million in 2009;
and SNCF as part of its new JV with other state-owned railway
companies and London & Continental Railways.
