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
Senior Government Lawyer
Category: Other | Location: Canberra ACT 2600
· FINANCE LEGAL AND GOVERNANCE GROUP | CANBERRA, ACT · EXECUTIVE LEVEL 1 (ONGOING)
View details
Allens advises on BT’s IPO

Allens advises on BT’s IPO

ALLENS ARTHUR ROBINSON has worked on the initial public offering of BT Investment Management Ltd, which is expected to have a market capital of about $800 million. The IPO is expected to raise…

ALLENS ARTHUR ROBINSON has worked on the initial public offering of BT Investment Management Ltd, which is expected to have a market capital of about $800 million.

The IPO is expected to raise about $247—292 million in an offer to eligible Westpac shareholders and institutional investors.

Allens was the legal counsel to BTIM and Westpac Banking Corporation, with lead partner Anna Lenahan, Kylie Brown and Victoria Poole from the corporate team, and Larry Magid and Adrian Chek from tax.

Freehills acted for the joint lead managers, Chapman Tripp was the New Zealand counsel to BTIM and Westpac, and Mallesons Stephen Jaques acted as independent counsel to BTIM, for related party agreements with the Westpac group.

The matter involved the simultaneous separation of the BT investment management business from the BT Financial Group, which is the wealth management arm of Westpac, the firm said. It also involved the prospectus preparation and due diligence process for the initial public offering. According to Allens lawyers, the separation process was both interesting and complicated; it was not always being clear what assets should be transferred.

Lead partner on the deal, Anna Lenahan, said the transaction was implemented in a short timeframe, and included a range of lawyers from various departments within the firm.

“The deal kept us on our toes — there was a lot to do in a short timeframe and the work involved extracting the BT investment business from the BT financial group and creating a vehicle which would operate the business. This added a fair degree of complexity and challenge to what would otherwise have been a fairly straightforward IPO process,” she said.

Reflecting on the deal, Lenahan said: “The decision to create BTIM was driven by a desire to retain key investment staff. By creating a separately-listed vehicle existing key investment professionals in the equity strategies investment team could be provided with meaningful equity incentives to align them to the business.

“As a separate entity, BTIM could adopt a multi-boutique strategy — a strategy aimed at structuring the business in a way that will enable each of the other investment teams in the business to transition to boutiques where the remuneration and equity incentives of the investment professionals within each boutique are linked to the individual profit of the boutique.

“Given the amount of movement in investment staff, I think a number of businesses are considering strategies to retain them. I think the BTIM model may be interesting to others in the business because similar organisations may need to do something similar to enable them to retain their key investment staff,” Lenahan said.

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

Allens advises on BT’s IPO
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
Applauds
Aug 21 2017
LCA applauds proposed Modern Slavery Act
The Law Council of Australia has welcomed new recommendations for the development of a Modern Slaver...
Mentoring
Aug 21 2017
Top-tier offers targeted mentoring for Indigenous law students
Students at Macquarie University will be the first to benefit from a new Indigenous mentoring progra...
APPOINTMENTS
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'...
opinion
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...
Help
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 & ...