Northill acquires Hastings Management

MinterEllison advised Northill Capital LLP on the acquisition of international operations from Westpac Banking Corporation's subsidiary Hastings Management Pty Limited. We provided a full range of tax advisory services to ensure the successful completion of this acquisition project.

Hastings is an infrastructure-assets business with funds under management of approximately $14.3 billion from more than 75 institutional investors. The businesses manage a portfolio of infrastructure debt and equity assets across the US, UK, Europe and Australia for a number of leading global institutional investors.

Northill is an independent, privately held asset management business, established in London in 2010. Its combined assets under management, in which Northill owns a majority interest, total approximately $30 billion (as of 31 December 2015).

MinterEllison advised on all Australian legal and tax aspects of the transaction including the acquisition documents, tax structuring and due diligence, financial services regulatory advice and the complex separation and multiple reciprocal transitional arrangements between the parties. The acquisition also required MinterEllison to address complex licencing and FIRB matters.

Significance

This is Northill's first deal in Australia. This transaction presents an exciting opportunity for Northill to further develop Hastings' international business and add to its stable of quality global managers. Northill will be investing over the long term to develop Hastings’ international businesses from their position as a top 40 global infrastructure specialist.