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Equity Trustees acquires OAMPS Super
Allens Arthur Robinson has advised Equity Trustees Limited on its agreement with Wesfarmers Group's OAMPS Limited, advised by Middletons, to acquire the OAMPS Super Fund.Equity Trustees is a…
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Allens Arthur Robinson has advised Equity Trustees Limited on its agreement with Wesfarmers Group's OAMPS Limited, advised by Middletons, to acquire the OAMPS Super Fund.
Melbourne-based corporate partner Craig Henderson led the Allens team, with the acquisition estimated to add about $265 million in funds under management to Equity Trustees' superannuation business, EquitySuper. The agreed purchase price was about $10 million, including net assets, management rights and goodwill.
Henderson said the deal demonstrated the continuing trend for consolidation within the wealth management sector.
"While a lot of attention over the past six months has been on larger deals involving the retail banks, a number of well-run businesses such as Equity Trustees are successfully growing their businesses through smaller bolt-on acquisitions," Henderson said.