Behind the deal: Challenger bank Aldermore gains advice from established names


Aldermore's London offices are by Monument, although its registered office is in Peterborough (Source: Getty)

Three investment banks were engaged by Aldermore as South Africa's FirstRand circled.

The challenger bank, which only went public in 2015, was snapped up for £1.1bn today, pending shareholder approval.

JP Morgan Cazenove's advice to Aldermore was headed up by James Robinson, executive director in UK mergers and acquisitions (M&A) and Mike Collar, head of the UK and Ireland financial institutions group (FIG).

Robinson, an avid sailor with a skipper’s licence, also advised on the Aberdeen and Standard Life merger earlier this year and the oilfield services tie-up between Wood Group and Amec Foster Wheeler.

The Canadian connection

RBC Capital Markets’ efforts were led by Oliver Hearsey, a managing director and head of UK financial advisory and broking. RBC Capital Markets has been a long-time advisor and corporate broker to Metro Bank, and acted as financial advisor on the IPOs of One Savings Bank and Charter Court Financial Services.

Hearsey joined RBC in January 2012 and has lead responsibility for the FIG sector including corporate broking. A former JP Morgan man, Hearsey was at FIG specialists KBW and Fox-Pitt Kelton before joining RBC.

Outside of work Hearsey enjoys fly fishing and tying his own flies.

Full circle for Lazard

Meanwhile, Lazard’s financial institutions group has come full circle, after advising on its initial public offering (IPO) in 2015.

Lazard’s UK chief executive William Rucker led the team which also included Nick Millar and Michael Young, managing director and director respectively in the FIG. All three worked on the float.

The bank is active across the challenger bank and specialty lending sectors, having also worked on the sale of NewDay by Varde to Cinven and CVC earlier this year. The team also advised on the 2015 IPO of Nordax Bank, the Swedish lender.

Read more: Challenger bank Aldermore recommends £1.1bn takeover offer from FirstRand