Harter Secrest & Emery LLP (HSE), a full-service business law firm with offices throughout New York, has advised Rochester-based investment advisory firm Karpus Investment Management (Karpus) in connection with its merger with and into a subsidiary of the City of London Investment Group PLC (CLIG). CLIG is an international investment management firm with offices in London, Singapore, Dubai and the United States, and its shares are publicly traded on the London Stock Exchange (London Stock Exchange: CLIG.L). HSE was pleased to represent Karpus in connection with this cross-border transaction that is transformative for the Karpus firm. The merger successfully closed on October 1, 2020.
HSE’s Private Equity and Venture Capital group led the international legal team advising Karpus, whose shareholders received merger consideration consisting of CLIG ordinary shares. The HSE deal team was led by Rochester-based partner William A. Hoy and Buffalo-based associates Edward M. Stone and Jonathan R. Jasinski.
Karpus is an SEC-registered investment management business, based in Upstate New York, that uses closed-end fund investments among other securities to manage approximately $3.5 billion of assets for primarily high net worth clients. London Stock Exchange-listed CLIG is the parent of City of London Investment Management Company Limited, a global fund manager specializing in closed-end fund investing, with approximately $5 billion of funds under management.