Firms: Mills Oakley (WA Super); Thomson Geer (Concept One)
Deal: WA Super has merged with Concept One.
Value: $3.2 billion
Key players: The Mills Oakley team was led by special counsel Luke Hooper, with additional advice from partner Chris Ketsakidis.
Deal significance: WA Super is Western Australia’s only, not for profit, public offer super fund, while Concept One is described as an industry super fund.
This transaction between the two will see Concept One members transferred into WA Super, and WA Super retaining responsibility for the trusteeship of over $3.2 billion in funds under management on behalf of over 60,000 members, according to a statement from Mills Oakley.
The firm noted that the merger of the Perth-based funds is “expected to be completed in early 2018, with the two funds promising to deliver lower administration and investment fees and improved investment and financial advice for members”.
Mills Oakley special counsel Luke Hooper said he was delighted to advice WA Super on this deal.
“The board and management team of WA Super have been very proactive when considering how to deliver quality member outcomes on an ongoing and sustainable basis,” he said.
“Members of both funds will be the ultimate beneficiaries of this merger and, importantly, Concept One members will remain members of a Western Australian-based superannuation fund.”
Meanwhile, WA Super CEO Fabian Ross said he was pleased to be partnering with Mills Oakley on this important transaction.
“Pragmatic, commercial advice is always vital in a merger process and Luke has been a trusted advisor to WA Super for many years,” he said.
“We are delighted to be working with him once again.”