Asset Manager Pushes For €15M ‘Incentive’ Fee Payout
Law360, London (March 17, 2020, 9:10 PM GMT) -- A London-based investment firm argued Tuesday to the Court of Appeal that it was entitled to €15.3 million ($16.8 million) in “incentive” fees for its management of securities held in trust by a Deutsche Bank subsidiary, even after the note issuers redeemed the bonds before they matured.
Barings (U.K.) Ltd. urged the three-judge appellate panel to set aside a March 2019 lower court decision holding that hedge fund giant Napier Park’s decision to redeem a host of risky equity notes in 2018 did not trigger the payment, which Barings said was contractually obligated.
David Railton QC of Fountain Court Chambers, representing...
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