MUTB will retain a 24% of the share capital in Novate and the remaining 76% will be transferred to senior management and employees of Novate. Novate’s fixed income sales and trading business will continue unchanged.

Our team, led by Timothy Leeson, Corporate Partner, and supported by corporate associates, Peter Bates and Sophie Massing, were primarily advising the current CEO, Ray Winters, and COO, Chris Hawkins.  Both Ray and Chris will be shareholders and directors of Novate going forward.

Richard Miskella, our Joint Managing Partner and who has worked with Ray previously, commented:

We are delighted to have played our small part in supporting Ray and Chris on this project.  It is also really pleasing that we could provide substantial support on this project to Tim from our employment, tax, financial services regulatory, contracts and banking teams.  This is a testament to the clear strategy of our firm over the last years to invest in and broaden its client offering.  We look forward to continuing our collaboration with Novate as it navigates this new and exciting phase after almost 40 years in its previous guise.