Funds Management

MinterEllison’s funds management team is experienced in establishing and advising funds management clients across a range of asset and industry sectors including equities, fixed income, securities, development capital, property (commercial, retail and industrial), integrated tourism and residential, minerals and energy, healthcare and infrastructure. We have strong industry understanding and extensive experience in wholesale, retail and ASX listed products.

Our clients include issuers and distributors of retail funds, wholesale funds, master trusts, super funds, life products and ‘wrap accounts’, as well as listed A-REITs and foreign managers acting under mandates for local institutions.

Working across a range of industries and asset classes, and multiple jurisdictions, our funds management team covers all aspects of fund formation, structuring, investments, exits and the resolution of disputes.

We have established funds in Australia and all key international locations including Luxembourg, Ireland, the Cayman Islands, Jersey, US (Delaware) and Guernsey. We have structured funds as segregated portfolio companies and limited liability partnerships, dealing with foreign fund administration and foreign regulation.

We advise on promoting and marketing funds to all types of investors on a global basis and deal with jurisdiction specific investor issues for European, US and Asian investors. We use our transaction experience to provide sound commercial and legal understanding of both the investment manager’s objectives, and investor requirements.

Our experience covers assisting with regulatory issues relating to investments and fund operation, including foreign investment regulation and financial services licensing and regulation. We assist our clients in bringing innovative products to market – hedge fund structures, derivatives-based products, exchange-traded funds and private equity funds – which often require careful negotiation with regulators such as the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulatory Authority (APRA), the Australian Securities Exchange (ASX) and the Australian Taxation Office (ATO). Our knowledge of and relationships with regulators enables us to tailor our applications and deal more efficiently with these matters.

A$1.55 billion Lloyds Banking Group sale of Capital Finance and BOS International Australia

Acted together with Allen & Overy as joint legal advisers to the Lloyds Banking Group on the sale of its Australian asset finance business, Capital Finance Australia Ltd (CFAL), and its corporate loan portfolio, BOS International Australia Ltd (BOSI) to Westpac Banking Corporation for approximately A$1.55 billion in total.

Mirvac sale of its hotel management business

Advised listed A-REIT Mirvac on the sale of its hotel management business, Mirvac Hotels & Resorts and various associated investments to a consortium comprising Accor Asia Pacific and Singapore-based Ascendas. The complex transaction involved the concurrent sale of the hotel management business and the stake in an unlisted hotel fund which will see Accor take on the management of 48 hotels and also acquire, with Ascendas, a stake in an unlisted Mirvac hotel fund that owns seven properties.

Charter Hall Office REIT

Acted for the banking syndicate on the A$900 million syndicated secured corporate debt facilities to then Macquarie Office Trust (now Charter Hall Office Trust), a listed Australian commercial property REIT.

Anchorage Capital Partners investment advice

Advised Anchorage Capital Partners, the Sydney based private equity firm focusing on special situations and turnaround investment in the Australian, New Zealand and Southeast Asian markets, on the first and final $250 million closing of Anchorage Capital Partners II. Significant interest from both existing and new investors meant that the Fund II was oversubscribed and capped at A$250 million. We also advised Anchorage in the successful close of its first fund, Anchorage Capital Partners Fund I in March 2010 which was also oversubscribed and closed at A$200 million. We have also worked with the Anchorage team on a number of acquisitions and disposals in Australia and New Zealand, including its investments in Dick Smith, Golden Circle, Burger King NZ and Total Eden.

Opes Prime collapse

Acted as the primary advisors for ANZ in the collapse of Opes Prime Stockbroking, with approximately 1,200 clients and debts to ANZ of over A$700 million, including acting on two class actions.