Freshfields Bruckhaus Deringer has picked up a high-profile mandate advising on the sale of state-owned mortgage lender Northern Rock by UK Financial Investments (UKFI), the body which manages the Government’s stakes in UK banks.

Corporate partner Barry O’Brien, a longstanding adviser to the Newcastle-based lender’s board, is leading the team advising Northern Rock, working alongside global head of finance Alan Newton. The sale is hoped to generate more than £1bn for the Treasury.