POWERED BY MOMENTUM MEDIA
DLA Phillips Fox acts on REST/State Street deal
Legal firm DLA Phillips Fox recently assisted REST Super in its move to switch from long-term custodians JP Morgan to State Street Corporation, and will now assist in the post-transition work.
DLA Phillips Fox said the move was the largest super fund custodian transition in Australian history, with REST currently managing about $18 billion in funds.
The next stage is the post-appointment transition work involving managing all legal aspects of the transfer of REST's assets from JP Morgan to State Street, according to DLA Phillips Fox partner Peter Charteris, who acted for REST to finalise the terms of the State Street deal.
"REST has many international investments. In each country different legal processes apply, so this will be a particularly large and complex transition of assets," he said.
"Based on our experience with these types of deals, we have been extremely pleased with how smoothly the deal proceeded, particularly considering its size and complexity," he said.
DLA Phillips Fox expected the transition of assets to be completed in the first half of this year.
AUTHOR
Mike Taylor
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
