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
Freehills in buyout of iconic financial planner

Freehills in buyout of iconic financial planner

FREEHILLS ADVISED a subsidiary of HBOS Australia on its purchase of iconic Queensland-based financial planner Wittaker Macnaught Pty Ltd.The company was sold by Noel Wittaker and Cheryl…

FREEHILLS ADVISED a subsidiary of HBOS Australia on its purchase of iconic Queensland-based financial planner Wittaker Macnaught Pty Ltd.

The company was sold by Noel Wittaker and Cheryl Macnaught, but they will remain in the business and work with the subsidiary, St Andrews Australia, to expand the business.

The move takes St Andrews’ funds under management from $500 million to $2.1 billion.

Lead partner on the deal, Tony Damian, said the transaction, completed last month, represented HBOS’s first “serious” acquisition of a financial planning business.

HBOS is a major UK bank formed after the Bank of Scotland and Halifax merged in 2001.

“From our perspective [we] needed to understand the commercial imperatives between maintaining the client base and allowing for the change of ownership,” he said.

“Financial planning is about happy customers, so it’s managing what will be a transition from this iconic business in its current state to ownership by HBOS in a way that preserves the commerce for HBOS.”

He said there is an “art” to buying a financial planning business.

“It’s not like buying a coal mine or a building. In each of those cases you buy it and you move on,” Damian said. “There are two principals here that have been in this business for decades, so it’s about maintaining the commercial value for them, which means you need to take a thoughtful approach.”

Damian worked with solicitor Fiona Scattergood on the deal, along with HBOS Australia deputy general counsel Martine Forrester and in-house counsel Babette Shelswell.

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

Freehills in buyout of iconic financial planner
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...
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 & ...