Funder News

Financial results, capital raises, new hires and other news from funders.

Mark Wells has joined Omni Bridgeway in London as Global Head of Portfolio Management. Before joining Omni Bridgeway, he co-founded litigation funder Calunius Capital in 2006 where he was Managing Partner. Previously, Mark spent nearly two decades in derivatives trading and structuring at major banking institutions including JPMorgan/Chase and Toronto Dominion. Mark will be responsible for further developing Omni Bridgeway’s global fund and capital management strategy and head the global pricing and financial structuring team.
UK-based insolvency litigation funder Manolete Partners has reported that revenue and pre-tax profit in its most recent fiscal year have dropped £7.3m and £2.5m respectively from prior year. Government restrictions on the insolvency industry and widespread government support led to significantly fewer insolvencies in the market and therefore fewer cases for Manolete to sign. CEO Steven Cooklin remains optimistic though, noting that new case enquiries have been rising at an increasingly faster pace in recent months. Cumulatively, the company has reported a 132% average IRR and a 2.5x average money multiple on all the cases it has invested in since 2010.
Shakespeare Martineau had launched 'InSolvLit', a new litigation funding solution for clients in the firm's insolvency practice. The firm will review claims without charge and, where claims have merit, legal fees will be recovered only if the claims are successful and when sufficient funds have been realised. Similar to its 'FeeManage' service, Shakespeare Martineau will offer a range of litigation funding options, including no-win no-fee arrangements, and will work with a variety of leading insolvency litigation funders.
Omni Bridgeway has announced new appointments in its Asia Pacific leadership team. Oliver Gayner (Sydney) and Tom Glasgow (Singapore) assume new roles as Managing Directors and co-Chief Investment Officers (APAC), responsible for jointly overseeing all aspects of Omni Bridgeway’s investment management, due diligence processes and operations across the Asia Pacific region. The firm has also announced that Tania Sulan will assume a newly-created role as Managing Director –Transformation, in which she will oversee the implementation of strategic projects for the Board.
The Association of Litigation Funders of Australia (ALFA) has announced that it is opening up its membership base to include Honorary and Associate Members. Firms that have already jumped on board include the Banton Group, Cornwalls, Epiq, Johnson, Winter & Slattery, Korda Mentha, Mayweathers, McGrath Nicol, Piper Alderman and William Roberts Lawyers.

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