Partner

James Geer

Languages

English

James is a partner in our Financial Services team, and specialises in advising financial institutions on a broad range of finance and investment products, risk transfer transactions and regulatory matters. James has particular sector expertise in pensions and life insurance.

James has more than 10 years’ experience and has acted, amongst others, for investment banks, pension funds, investment funds, insurers and reinsurers on a number of large-scale, innovative transactions.

Particular experience includes:

Capital-driven structures using insurance and derivatives
Pensions investment and related regulation
Derivatives and derivatives regulation
Fund investment
Collateral, custody and settlement systems
Financial regulation

Relevant experience

A number of bulk-annuity transactions, including advising Pension Insurance Corporation on their landmark £6.5bn buy‑in with RSA UK pension schemes (2023). That includes advice on the complex structuring considerations to accommodate the Schemes' existing longevity and asset swaps.
A number of asset sales and transitions, including in 2020 on the restructuring of the National Grid Pension Scheme’s £13bn investment portfolio in the context of a de-merger.
Various pension schemes on financial support packages from their sponsors, ranging from the more vanilla guarantee structures to more complex collateral/security and asset-backed contribution structures, in the context of general funding discussions and M&A activity. Acted in 2021 as drafting counsel for an asset-backed contribution structure involving debt‑based underlying assets.
A number of longevity swap transactions for pension schemes and investment banks, including on a longevity swap conversion in 2019.
Investment banks on the use of credit insurance and risk participations for risk mitigation under the CRR.
A range of fund investments, investment manager appointments and issues arising in the context of derivatives, stock lending and repo activity.A number of providers on the legality of LDI arrangements following the gilts crisis in 2022.
An investment bank on a group restructuring of USD 3bn of assets into SPVs in England, Jersey, Luxembourg and Singapore for US tax purposes, securitising the portfolio and repoing the notes to an entity in the group; advising on appropriate grants of security across the asset classes.
Industry body FIA and an associated working group of clearing brokers on the creation of a new industry standard clearing terms of business (the “Terms of Business 2018”) and the related User Guide containing guidance and structuring options for brokers, and on related projects with a connection to indirect clearing and trading OTC derivatives.
Industry body ISLA and the associated working group of lenders and borrowers on the creation of a security interest structure and related documentation that can be used as an alternative to the traditional title transfer structure to reduce the regulatory capital costs for the borrowers, including the “Global Master Securities Lending Agreement (Security Interest over Collateral – 2018 Version)”, related security agreements, related opinions and reviewed versions of the triparty custodian agreements (BNYM London, JPM Luxembourg, Euroclear and Clearstream).
A number of lenders and borrowers on stock lending and repo transactions (both standalone transactions and transactions entered into in connection with bespoke structured finance arrangements).
ICMA on their standard collective action clauses and passi passu clause for the terms and conditions of sovereign notes.
A number of governments and governmental organisations on sovereign debt issuances and buy-side entities on their analysis of sovereign debt instruments.An investment bank in connection with the establishment of a number of indices and a bespoke equity swap investment to provide volatility-hedged exposure to the S&P 500, including a complex security programme relating to the underlying investments.
An investment firm as arranger on the establishment and development of an off-balance sheet equity-linked repackaging programme based on a bespoke structure using SPVs in the Netherlands, Cayman Islands and Bahrain, a sequence of total return swaps and brokerage arrangements to collateralise the structure.
An investment bank in connection with a number of gap swap transactions based on CPPi and iCPPI algorithms to insurance companies and funds.
Synthetic securitisation transactions, including the collateral aspects.

Memberships & Roles

Association of Pension Lawyers.

Education

2008 – BA in Jurisprudence, Oxford.

Practice Areas

Banking & Finance Financial Services & Regulation

Insights

Global Reach

UK Pay Gap Report 2024