EX-ICAEW chief moves into litigation funding
Cit of London Group chief executive Eric Anstee extols the virtue of litigation funding
Former ICAEW chief executive Eric
Anstee is looking to grow a business division in the litigation
funding arena.
The City
of London Group, of which Anstee is chief, has acquired a 50% share
of litigation funding business Therium Capital Management.
Therium provides funding for litigation cases it believes has a high
likelihood of success. It promotes its services to insolvency practitioners,
solicitors, brokers and others who are a likely source of case referral.
COLG will pay £300,000 for its share, provide £420,000 in working capital to
Therium,
plus seed funding of £1.8m for its current case pipeline.
“This investment and associated funding is the first step in our strategy to
acquire and develop specialist fund management teams to raise and create funds
to meet the needs and opportunities in the market as the economy emerges from
the credit crisis,” said Anstee.
Further reading:
Litigation
funding: foul play?
Litigation funding cases ‘still
likely’