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Ashurst launches superannuation offering
Global law firm Ashurst has hired a partner from Thomson Geer to help launch its superannuation capabilities, bolstering its wealth management expertise in this multitrillion-dollar sector.
Jerome Doraisamy
Scott Charaneka (pictured), who has served as the head of superannuation and wealth management at Thomson Geer since 2014, will join Ashurst’s financial services regulatory team to help build the firm’s superannuation capability.
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The new offering will build, the firm said, on its existing offerings to financial services clients, providing advice across regulation, taxation, insurance and corporate governance. The offering will, Ashurst proclaimed, “support our clients in unlocking value and modernising operations in Australia’s $3.3 trillion-plus sector”.
Australia’s super sector, Ashurst said, has experienced “extraordinary growth” in asset values, with an increasing focus on investing offshore.
“Concurrently, the sector is subject to rapid consolidation – driven by downward pressure on member fees, increasing member service expectations, rapid regulatory change and increased compliance costs,” it noted.
Speaking about the appointment and new offering, Ashurst global co-head of finance, funds and restructuring Jamie Ng – who also serves as the global head of Ashurst Consulting – said that the firm is “excited to expand our superannuation capability and are delighted that we have one of Australia’s top super lawyers, Scott Charaneka, joining our team”.
Mr Charaneka has close to three decades’ worth of experience in financial services, the firm noted, and advises some of the largest industry and public sector superannuation funds in the country.
“Scott is a trusted advisor to some of the country’s largest funds including AustralianSuper and Aware Super and his expertise will be invaluable at a time of considerable change and opportunity in the sector,” said Mr Ng.
“Ashurst’s integrated superannuation offering draws on our legal-led consulting division, as well as other market-leading legal practices across the firm to provide an unmatched combination of expert legal and risk advice to the industry.”
Mr Charaneka added that he is thrilled to be joining Ashurst, which he said “has the sophisticated platform and global reach that can service the needs of superannuation funds as they consolidate and grow”.
“The superannuation sector faces increasingly complex legal issues that require expert advice on financial regulation, corporate transactions, projects and disputes,” he mused.
“I am excited by the opportunity to leverage Ashurst’s extensive capabilities across legal practices and its legal-led consulting team to become the number one source of advice for funds.”
