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Allen & Overy leadership latest: banking co-heads step down

In a run of new leadership announcements, Allen & Overy (A&O) has elected Philip Bowden and Andrew Thomas as the firm’s new global co-heads of banking.

It is understood that current co-heads Stephen Kensell and Andrew Trahair did not want to stand for another term, and will complete their second four year term of office at the end of April. Both Kensell and Trahair will return to full-time practice.

The announcement comes after A&O elected its London corporate head Richard Browne to join Dirk Meeus to co-head the firm’s global corporate practice earlier this week.

Browne replaces Andrew Ballheimer who had been global co-head of corporate alongside Meeus since 2010 and was recently appointed global managing partner.

Based in London, Bowden joined A&O in 1999 and has been a partner in the banking practice for 14 years. He became global co-head of the leveraged finance practice in 2014, and has experience of advising banks and borrowers on a range of debt products, specialising in corporate and financial sponsor leveraged acquisition financings, as well as structured finance and investment grade event driven acquisition financings.

Thomas joined the firm in 2001 and became managing partner of the A&O office in Amsterdam in 2009. He specialises in cross-border leveraged finance, debt restructuring, syndicated corporate lending (both secured and unsecured) and acquisition finance. He regularly advises private equity firms on a range of issues and lenders (including banks and funds) on leveraged finance and debt restructuring.

Kensell and Trahair were appointed in 2008 for two terms heading A&O’s banking team. Kensell was a candidate in A&O’s recent management election to replace senior partner David Morley, but managing partner Wim Dejonghe secured the role last month. Trahair went for the managing partner position, which was won by Ballheimer.

Read more on the major City finance teams in ‘Golden goodbyes – changing faces and fortunes at the City’s top banking teams’