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 publicly-listed financial services company.
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.