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CBA sells $4.2bn global asset management business
Major bank Commonwealth Bank of Australia has sold its global asset management business for over $4 billion with the assistance of Herbert Smith Freehills.
Naomi Neilson
Firm: Herbert Smith Freehills (Commonwealth Bank of Australia)
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Deal: Herbert Smith Freehills has advised Commonwealth Bank of Australia (CBA) on the sale of its $4.2 billion global asset management business, known as Colonial First State Global Asset Management (CFSGAM), to the Mitsubishi UFJ Trust and Banking Corporation (MUTB).
Value: $4.2 billion
Area: M&A
Key players: The Herbert Smith Freehills team was led by partner Tony Damian, who coordinated with lawyers across the firm’s global offices to manage the 27 jurisdictions involved in this transaction.
The cross-practice team advising on the deal consisted of senior associates William Chew, Nicole Pedler and Li-Lian Yeo, with solicitor Tim Coorey and graduates Jennifer Xue and Zoe Dutton from the firm’s corporate practice. Partner Robert Bileckij worked with consultant Jim Graham and solicitor Curtis Vella from the firm’s fund practice.
From the firm’s IP and technology practice, partner Kat Gregor, special counsel Amalia Stone and solicitor Mark Khouri also advised, as did partner Michael Gonski and senior associate Rommo Pandit from the firm’s employment practice. Partners from London, Michael Flockhart and Rachel Pinto, as well as corporate partner from Tokyo, Damian Roberts, were also instrumental in the deal.
Deal significance: CGSGAM, which is also known as First State Investments outside of Australia, operates across the Asia Pacific, the UK, Europe and the US. Approximately, it has $200 billion in assets under management.
On the scale of the $4.2 billion deal, lead partner Mr Damian said: “This is a large and important global deal, involving complex regulatory issues and approvals as well as the coordination of a team around the world.”
The Herbert Smith Freehills team worked closely with CBA.
“I’d also like to recognise the great contribution of Mark Alexander, who leads the M&A Legal Function at CBA, and his team – in particular Kristy Cox, Will House, Simon Teh and Louise Baldwin,” Mr Damian said. “We know the team well and it is a pleasure to work with them to help CBA achieve its goals on important transactions.
Mr Damian added he advised CBA on the proposed IPO of CFSGAM and on a wealth demerger, adding it found a “great home” in MUTB.
“The seamless execution of this significant transaction is a testament to all involved.”
