International law firm Reed Smith LLP today announced its role in advising Palomar Management (Pareto’s employees) on its agreement to sell 40% of its share of fund manager, Pareto Partners to Mellon Financial Corporation.

Mellon is acquiring the 70% percent of Pareto partners that it does not currently own, to become one of the world leaders in currency management with $35 billion in assets under management. The other 30% is being purchased from the insurance group, XL Capital.

Ian Fagelson, UK Senior Partner at Reed Smith’s London office commented " Our involvement in this transaction arose through our long-standing relationship with Pareto Partners which dates back more than a decade. We are delighted that we were able to advise on such an important and interesting transaction."

Reed Smith’s team of lawyers was led by Fagelson and also included corporate tax partner Charles Elphicke, employment partner Mark Hunt and UK associates Rebecca Hunter and Vanessa Evanson-Goddard..

Gibson, Dunn & Cruutcher were Reed Smith’s US co-counsel for Palomar. Cahill Gordon & Reindel and Clifford Chance advised on the US/UK issues respectively for XL. Dechert advised Mellon.