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BKI externalises investment portfolio management

BKI externalises investment portfolio management

Anton Harris, Ashurst

A global firm has helped BKI Investment Company Limited to externalise its investment management services.

Firms: Ashurst (BKI Investment Company Limited); PwC (Contact Investment Management Pty Ltd)

Deal: BKI Investment Company Limited has externalised its investment management services.

Value: Undisclosed

Area: Funds

Key players: The Ashurst team was led by partner Anton Harris, with assistance from partners Bruce McDonald and Barbara Phair.

Deal significance: BKI Investment Company Limited (BKI) has agreed to externalise the management of its investment portfolio.

It has appointed Contact Investment Management Pty Ltd (Contact), a company owned by Tom Millner, CEO of BKI, Will Culbert, the portfolio manager of BKI and Washington H. Soul Pattinson and Company Limited, to provide portfolio management and advisory services to BKI under an investment management agreement.

Under the externalisation Mr Millner and Mr Culbert will cease to be employed by BKI and will forfeit all outstanding short-term and long-term BKI incentive plan rights.

The deal was announced on 26 September 2016, and will be effective from 1 November 2016.

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