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Morrison & Co completes multibillion-dollar management transfer
DLA Piper has advised Morrison & Co on a multibillion-dollar funds management transfer.
Emma Musgrave
Firm: DLA Piper (Morrison & Co)
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Deal: Morrison & Co has been advised on the formal transition of its appointment as manager of Utilities Trust of Australia (UTA).
Value: $6 billion
Area: Corporate
Key players: The DLA Piper team was led by corporate partner Emma Kendall, with assistance from James Philips, Leah Watt and Amina Karcic.
Deal significance: The transition became effective 1 July 2018.
UTA is described as an open-ended core infrastructure fund for institutional investors, with more than A$6 billion in assets under management.
When confirming the selection of Morrison & Co as the preferred manager, the Board of Utilities of Australia Pty Limited, as trustee of the Utilities Trust of Australia (UTA), commented “The board received strong interest from a number of high-quality managers, with Morrison & Co being selected on the basis of various qualitative and quantitative factors,” according to a DLA Piper statement.
DLA Piper advised Morrison & Co on both the competitive bid and the formal transition of the fund.
"We’re delighted to have advised Morrison & Co on this significant milestone. As an experienced and high-quality infrastructure asset manager, Morrison & Co will provide a strong and stable platform to UTA and its unit holders," partner Emma Kendall said.
