find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Corrs takes care of super merger

Corrs takes care of super merger

Corrs Chambers Westgarth has advised on a merger between Asset Super and CareSuper that is expected to create a merged fund with 267,000 members throughout Australia.

Firms: Corrs Chambers Westgarth (Asset Limited)

Deal: Merger of Asset Super with CareSuper

Area: M&A

Value: Undisclosed

Key players: The Corrs team advising on the transaction was led by partner Michael Chaaya, who was supported by special counsel Joanne Dwyer and associates Emma Higgs, Hilda Wehbi and Lisa Cheng

Deal significance: The Asset Super fund is an industry super fund with almost 80,000 members throughout Australia, more than $1.6 billion FUM and more than 15,000 employers actively contributing, as at August 2012. The CareSuper fund is the largest industry fund for the professional, managerial, administrative and service occupations and looks after more than $4.9 billion for over 187,000 members throughout Australia, with more than 54,000 participating employers.

Following the transfer of members and assets from Asset Super to CareSuper, it is expected that the merged fund will have almost 267,000 members throughout Australia, with more than $6.5 billion in FUM and approximately 69,000 participating employers (figures as at 31 August 2012).  The merger followed an extensive due diligence on each fund and is symptomatic of the trend towards consolidation in the superannuation industry. 

“There is a great deal of merger activity in the superannuation industry at the moment and this is another example of the trend towards industry consolidation,” said Chaaya.

“A key factor in the transaction was the availability of CGT relief for super fund mergers. The Government’s proposal to extend the availability of the CGT relief was critical in terms of enabling the merger to proceed.”

The merger of the two funds will take place by way of a successor fund transfer under regulation 6.29 of the Superannuation Industry (Supervision) Regulations 1994 (Cth) (SIS Regs), and is expected to complete in late October.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Corrs takes care of super merger
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...