Herbert Smith has advised NB Global Floating Rate Income Fund Limited (the “Fund”) on its initial public offering and successful fundraising of over US$500 million.

The Fund is a closed-ended investment company incorporated in Guernsey that will invest in the bank loans of issuers established in North America and the European Union. The Fund is managed by Neuberger Berman, one of the largest private asset management groups in the world and successor to Lehman Brothers’ asset management business.

Admission of the Fund’s shares to a premium listing on the Official List and to trading on the London Stock Exchange’s main market took place on 20 April 2011.

The Herbert Smith team was led by corporate partner Tim West, US securities advice was provided by corporate partner Jim Wickenden and UK tax advice was provided by partner Bradley Phillips.

Tim West commented:

“It has been particularly satisfying to be involved in this deal as it is one of the biggest fund IPOs in London in the past few years and demonstrates our market-leading capability in the closed-ended funds sector.”

Oriel Securities Limited and Dexion Capital plc, who acted as joint bookrunners, were advised by Ashurst LLP.