Tom Glasgow, who was formerly a senior litigator at Allen & Overy in Hong Kong and Singapore, will lead IMF’s new Singapore office as the group looks to capitalise on recent regulatory changes and meet increasing demand for its capital from law firms and clients across Asia.
Clive Bowman, Chief Executive for Australia and Asia, said he was delighted that Tom was joining the Asian team: “Tom brings to the business not only a wealth of experience as a commercial disputes lawyer in the region, but also significant contacts across a range of Asian jurisdictions and the energy to really drive this business forward.”
In March 2017, Singapore abolished the torts of maintenance and champerty, to allow the use of third party funding in international arbitration. Similar legislation is being proposed in Hong Kong, where it is also possible to fund certain court matters such as insolvency and "access to justice" claims with the permission of the Court.
Speaking at his appointment, Tom Glasgow said “Hong Kong and Singapore were actively embracing third party funding in areas such as arbitration to increase their competitiveness as leading centres for international dispute resolution. There is potential for long term growth in these markets, and I am really excited by the opportunity to unlock that potential with a funder of IMF's size and experience.”
IMF Bentham Pte Ltd (www.imf.sg) will be a wholly owned subsidiary of the IMF group, incorporated in Singapore and focussing in the first instance on funding arbitration and insolvency claims in Hong Kong and Singapore.
IMF Bentham CEO, Andrew Saker, commented: “the early launch of our Asian business continues the international expansion plans set out in our annual report to shareholders. We have funded three matters in Asia to date, so the new office is a natural progression for us and with Tom working with Clive Bowman and Oliver Gayner I believe we have an exceptional team to achieve our goal of establishing IMF as the leading funder in Asia.”
The Singapore office opens in April 2017.