Morgan Stanley has landed another high-profile government assignment, this time in the U.K. The firm, which advised the U.S. Treasury on Freddie Mac and Fannie Mae, is helping Her Majesty's Treasury as the U.K. nationalizes Bradford & Bingley plc and sells its savings business and branches to Spain's Banco Santander SA. Morgan Stanley, which got only $95,000 for expenses for Fannie and Freddie, is receiving a fee, though below its normal rate. Leading the Morgan team were London-based Simon Robey, head of U.K. investment banking, and William Chalmers, chief of U.K. financial institutions, with Jonathan Powell and Jason Windsor. Robey and Chalmers last month advised HBOS plc when the U.K. brokered a £12.2 billion ($21.1 billion) takeover by Lloyds TSB Group plc. Chalmers and Windsor also aided Alliance & Leicester plc in its July pact to be bought by Santander for £1.26 billion. Since 2000, Morgan has advised some part of the government about a dozen times.
For legal counsel, Slaughter and May once again represented the U.K. Slaughter earlier advised on the takeover of Northern Rock plc. Corporate partner Charles Randell, finance partners George Seligman, Guy O'Keefe, Matthew Tobin and Sarah Paterson, and financial regulation partners Elizabeth Barrett and Ben Kingsley assisted. Advising B&B was longtime law firm Herbert Smith LLP with corporate partners Will Pearce and Adam Levitt, as well as restructuring and insolvency partners Laurence Elliott and Kevin Pullen. Herbert Smith serviced B&B in its failed attempt to sell a 23% stake to TPG Capital. Goldman, Sachs & Co., which advised on the TPG share placement, reprised its role with London-based Basil Geoghegan leading the effort. Ashurst counseled Santander's Abbey National, a longstanding client. Relationship partner Clive Tucker, and James Perry led the team, with Charlie Geffen, Duncan Liddell and Julian Ellison.