Arbuthnot Latham’s structured products business, Gilliat Financial Solutions (GFS) has signed a strategic co-operation agreement with Mariana Capital Markets.
Under the agreement, GFS will stop offering new structured products to the market.
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As part of the deal, Gilliat directors, Steven Graham and Andrew Savill and UK sales manager, Zane Tibble, will join Mariana and it plans intends to provide its own structured products to GFS’s clients.
The agreement will expand Mariana Capital’s structured products business with exclusive control of new issuance to both companies’ existing clients.
Additionally, Gilliat’s structured products that are currently in the market have not yet been closed and will be supported by Gilliat and Mariana Capital.
However, Gilliat’s existing business will not transfer to Mariana Capital and Mariana Capital will also separately develop and provide its own new structured products to Gilliat’s clients
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By GlobalDataGilliat will also continue to act as plan manager for the historical book of existing products until maturity between 2014 and 2021.
James Fleming, the company’s chief executive officer, said that the transaction will enable Arbuthnot Latham to focus on its core private-banking business.
Arbuthnot said: "Existing Gilliat products will continue to be supported by Gilliat which in turn will be supported by Mariana Capital and the third party service companies that have been working with Gilliat in recent years.
James Fleming, Arbuthnot CEO said: "Arbuthnot Latham is proud to have supported GFS from inception in the aftermath of the financial crisis to its present position."
Ben Annable, legal director at Mishcon de Reya said: "This deal is part of an exciting increase in Mariana Capital’s commitment to the structured products market and complements the firm’s broader growth ambitions across its diverse business lines. We are proud to have assisted on the deal and wish all parties the best of luck in the arrangement."
