HSF advises on AU$4.13bn sale of global asset management unit

by Steve Randall06 Nov 2018

Herbert Smith Freehills has advised Commonwealth Bank of Australia on the sale of its Colonial First State Global Asset Management business.

The global asset management unit’s AU$4.13 billion sale to Mitsubishi UFJ Trust and Banking Corporation follows CBA’s announcement in June that it will demerge its wealth management and mortgage businesses; HSF is also advising on the demerger.

The HSF team advising on the Colonial First State deal was led by Sydney M&A partner Tony Damian, assisted by senior associates Nicole Pedler, William Chew, Li-Lian Yeo, and solicitor Timothy Coorey; the Sydney Funds team: partner Robert Bileckij with consultant Jim Graham and solicitor Curtis Vella; and the Sydney Employment team: partner Michael Gonski, and senior associates Amanda Lyras and Rommo Pandit.

Damian, who is also co-chair of the Firm’s Global Banks Sector Group, coordinated lawyers across Herbert Smith Freehills’ global offices including in London, Tokyo, Frankfurt, Paris, Madrid and Singapore.

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She joins after two years at rival offshore firm Travers Thorp Alberga in Hong Kong but was previously with Walkers in the British Virgin Islands for ten years.

Harneys’ Hong Kong team now comprises 52 lawyers, including twelve partners, the territory’s largest offshore legal team by far. The firm’s three full-service Asia offices across Hong Kong, Singapore and Shanghai also represent the largest Asia network of any offshore law firm.

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Mörk Murdock was with Davis Polk for 14 years and has considerable experience acting for Japanese multinationals in the manufacturing and industrial, pharmaceutical and life sciences, and financial and life insurance sectors.