A cross-practice Herbert Smith team has advised Man Group plc (Man) on its complex outsourcing agreement with Citi Global Transaction Services’ Securities and Fund Services division (Citi).

Man described the deal as a landmark transaction for its business and the industry.

Citi will become Man’s Global Shareholder Services Partner and, under the terms of the long term agreement, will perform global shareholder and transfer agency services for Man’s AHL and Multi-Manager private investor products which are distributed through Man’s global network of approved intermediaries and distribution partners.

The agreement requires Citi to enhance services to Man’s funds, simplify administration arrangements and migrate all of Man’s retail funds onto Citi’s new platform resulting in greater efficiencies and quality of service.

Corporate partners Nick Pantlin (outsourcing) and Tim West (funds) led the cross-practice team at Herbert Smith. This was a complex deal completed within a challenging timetable and one that allowed Herbert Smith to showcase its market leading skills in outsourcing and funds.

The Herbert Smith team worked closely with senior lawyers Chris Pyper and Alex Williamson at Man on all aspects of the deal.

Nick Pantlin comments, "The deal has an innovative structure and was particularly complex, given the existing arrangements across some 400 funds."

Man will continue to host the IT platform while Citi's new system is being developed.

Nick continued: "It was a pleasure to work so closely with such dedicated legal, commercial and operational teams from Man based in London, Switzerland and Dublin on this landmark transaction."