TRANSACTION SUMMARY

On 17 November 2006, BlueBay Asset Management plc announced the successful placing of its IPO on the Main Market of the London Stock Exchange. The offer size was approximately £189m (before over-allotments), which achieved a market capitalisation of £571m and membership of the FTSE 250. The Company did not raise any new money in the IPO, with the principal sellers being BlueBay’s institutional shareholders, Barclays Bank PLC and Shinsei Bank, and the management founders. Concurrent with the IPO, an institutional investor acquired a minority strategic interest in BlueBay.

BLUEBAY ASSET MANAGEMENT

Founded in 2001, London-based BlueBay Asset Management (now part of RBC) provides investment management services primarily to institutional investors and manages a combination of long-only and alternative products across the sub-asset classes of investment grade corporate debt, high yield corporate debt, emerging market debt, convertible bonds, distressed debt and multi-strategy debt strategies. At the time of the IPO, BlueBay managed over US$8bn of assets (as at 30 September 2006).

ROLE

SHP advised BlueBay on its strategic alternatives and subsequent decision to list on the London Stock Exchange. SHP acted as financial adviser for Company in the IPO and in relation to the minority investment made by the institutional investor.