Household HSBC Watch

Ashurst’s bold strategy of targeting activist investors as clients is paying off, with the top 10 firm advising a boldface activist on its current assault on HSBC. US-headquartered asset manager Knight Vinke has turned to Ashurst for strategic advice on its focus on the UK’s biggest bank.

The shareholder activist now has the backing of powerful Californian pension fund CalPERS. Together they hold £192m worth of shares in HSBC, with options on a further 13.2 million shares. They announced their attack on HSBC on 7 September, calling for a strategic review of the bank and an overhaul of its board, a request that has as yet been refused.

So far, there has not been much call for legal advice. Ashurst head of corporate Adrian Clark said: “In these situations, we’re giving strategic advice and tactics . We’d sometimes offer advice on sharebuying and market abuse.”