Gazelle - Specialist Corporate Finance Advice for Pension Schemes

Gazelle is an independent firm at the forefront of providing specialist corporate finance advice to pension trustees. We focus on providing independent analysis and advice to some of the largest UK and multinational pension schemes.

Regulatory trends in recent years have tended to push corporate and trustee governance structures apart when proper management of corporate DB pension schemes required a balanced assessment of the covenant, funding and investment risks borne both by the sponsor and scheme.

Gazelle is distinctive in having built up a dedicated blend of senior corporate finance, M&A, credit, restructuring and actuarial skills, which the firm applies towards the assessment and advisory needs of the UK's largest schemes. From the CFO perspective, this enables pension risk to be addressed with trustees on sensible terms for all stakeholders.

Independent assessment and advice services

We provide clear analysis, advice, recommendations and practical assistance throughout a pension scheme lifecycle:

• Covenant assessment
• Covenant monitoring services
• Scenario analysis, risk planning and M&A positioning
• Transactional advice, M&A, restructuring and demerger
• Valuation, recovery plan design and contingent assets
• Negotiation assistance
• Regulatory approvals
• De-risking, this involves independent advice, counter-party due diligence and assessment

Corporate finance advice for pension trustees

Gazelle typically acts for larger UK schemes and those supported by major global corporations. An informed appreciation is required by trustees of how such sponsors interact with their other stakeholders (such as banks, bondholders, rating agencies, shareholders), and how these drive sophisticated treasury management and capital allocation, financing structures and tax efficient internal reorganisations.

We have experience across the range of industry sectors and particularly with US and continental European groups. While we typically advise the trustees, we are able to advise sponsors on occasions.

Independent covenant assessments for the finance industry

Best market practice now requires schemes to optimise their governance and to take suitable independent financial advice at critical points, for instance where they need to assess the impact of a major corporate transaction on the scheme's funding and risk position or to assess reasonable affordability of a scheme recovery plan.

We believe that covenant assessments are not forensic audits and should be carried out by senior personnel who can build a relationship of respect with the finance and treasury team. Our independent covenant assessments provide both trustees and sponsors with an agreed common platform for constructive engagement.