On 15 December 2016, the Australian Securities and Investments Commission (ASIC) released Regulatory Guide 257 Testing fintech products and services without holding an AFS or credit licence (RG 257), which details ASIC’s framework for FinTech businesses to test certain financial services, financial products and credit activities without holding an Australian financial services licence (AFSL) or Australian credit licence (ACL).
Gilbert + Tobin’s Funds Management team provides advice throughout the funds management cycle to large corporates, banking clients, listed companies and funds, private equity clients, financial advisers and their clients, underwriters and institutional investors across a wide range of Australian transactions.
We aim to provide innovative advice on new and existing structures and financial products. We have acted for many listed corporations and funds in relation to their debt and equity capital markets transactions. We have excellent working relationships with the Australian Securities & Investments Commission (ASIC), the Australian Securities Exchange (ASX) and the Australian Prudential Regulatory Authority (APRA).
We specialise in providing advice on listed and unlisted property trusts for our clients in the financial services industry and also act for many of the major private equity funds based in Sydney. We thrive in the complex end of the transaction structures, having advised on multi-stapled structures including companies or public trading trusts, hybrid instruments issued by Managed Investment Schemes (MIS) and the “shadow” MIS structure to streamline multi-stapled offerings in the unlisted property trust space.
Gilbert + Tobin can provide advice on structuring alternatives and protection strategies for funds seeking to restructure, recapitalise or de-leverage their existing positions, whether in equity or property assets. We have advised on a number of asset realisation programs for fund managers and often advise boards of responsible entities on their duties and potential liability, particularly relevant during challenging times for the world economy.
Our funds management services include:
- Development of all documents associated with fund establishment.
- Registered scheme constitutions.
- Limited partnership agreements.
- Trust deeds/constitutions.
- Management agreements.
- Custodian agreements.
- Co-investment agreements.
- Regulatory issues under the Corporations Act.
- Australian Financial Services Licensing (AFSL) requirements.
Our experience includes advising:
- Goldman Sachs on its acquisition of Mirvac Industrial Trust by way of trust scheme of arrangement.
- The Infrastructure Fund and Utilities Trust of Australia as part of a consortium on the A$2.3 billion privatisation of the Sydney Desalinisation Plant.
- IFM Investors and Partners Group in relation to their respective investments in the A$1.5 billion Archer Capital Fund 5 (as well as other funds).
- The Infrastructure Fund as part of a consortium on the A$1.75 billion privatisation of the Port of Newcastle.
- Five of the successfully licenced fund managers under the Commonwealth’s Innovation Investment Fund Program (Brandon BioScience Fund, Cleantech Ventures Fund, OneVentures Innovation Fund, MRCF and Southern Cross) and the only successfully licenced fund manager under the Commonwealth’s Renewable Energy Venture Capital Program (Southern Cross).
- OneVentures and Blackbird Ventures in relation to the establishment of their second funds and Airtree Ventures in relation to the establishment of their first fund – 3 of the largest VC fund managers in Australia.
- Longton Group on projects valued at over A$300 million related to a group restructure including change of management, project financing, employment matters and FIRB approvals.
- Westpac Banking Corporation on the A$1.2 billion merger of the Westpac Office Trust (WOT) with the Mirvac Property Trust, (a stapled company and Australian registered managed investment scheme), resulting in the acquisition of control over the WOT asset portfolio by Mirvac.
- The issuer on an asset rollup and the establishment and proposed listing of a REIT with a portfolio of retail properties in excess of A$2 billion.
- Australian Unity in connection with the ASX listing of one of its retail property trusts worth A$400 million.
- Hastings in connection with the internalisation proposal and the proposed A$2 billion acquisition of the assets of the Australian Infrastructure Fund by the Future Fund.
- Gilbert + Tobin's Investment Funds team is ranked by Chambers Asia-Pacific 2017.