Lander & Rogers advised IOOF Holdings Ltd on the sale of its Australian Executor Trustees (AET) Corporate Trust business to financial technology and infrastructure company, Sargon Capital. AET Corporate Trust is one of Australia's largest and most experienced non-government providers of professional trustee services, with more than $32 billion in funds under supervision.
The provision of corporate trust services to the financial services industry is a specialist area — it sits outside of IOOF’s advice-led wealth management focus and is strategically aligned to Sargon's mission to enable institutions and entrepreneurs to build better funds and financial products. The retention of its AET Private Trust business allows IOOF to focus on the core competencies in its retail and private client business.
The firm advised IOOF on its pre-completion internal restructuring, and the preparation and negotiation of transaction documents, which included a transitional services agreement. The transaction was complex and required variations and new financial services and credit licences and a restructure of the business, including advice in relation to the transfer of contracts and underlying trust assets. Lander & Rogers will continue to assist with the post-completion transfer of contracts and underlying trust assets.
Lander & Rogers M&A partner and practice group leader, Jackie Solakovski, explains, "We have been working closely with IOOF over the last few years in preparation for this sale, including seeking variations and new financial services licences, and advising in relation to the transfer of contracts and underlying trust assets. We are delighted to have assisted IOOF in the sale of the corporate trust business to Sargon. The deal is another example of our M&A work in the financial services sector and the work of our financial services team, led by partner Terry Brigden, which was critical to this deal".
Sargon Capital was advised by Allens.
About Lander & Rogers
Lander & Rogers is a leading independent Australian law firm operating nationally from Melbourne, Sydney, and Brisbane. We are proud to be the trusted advisor to many publicly listed and private Australian and global companies, Australian subsidiaries of global companies as well as all levels of government.
We have nearly 500 people nationally, seven broad areas of practice, and we cover a diverse range of industry sectors, with a core focus on financial services, insurance, government, real estate, and retail and supply chain.
Our firm believes that legal services are much more than just the law — they are about great people, sustained excellence and exceptional client service. We have a reputation in the legal market as a provider of premium legal services and as a sought-after employer. We are renowned in Australia for our down-to-earth and collaborative workplace culture.
About IOOF Holdings Ltd
IOOF Holdings is an ASX top 100 company and a leading provider of quality financial services in Australia. With more than $154 billion in funds under management, administration, advice and supervision, IOOF currently service more than 500,000 customers around Australia. Their advice-led, ClientFirst philosophy coupled with a broad range of products and services means that IOOF's ability to provide tailored solutions to help advisers and their clients achieve their financial goals is unparalleled. The company believes that success only comes from caring about people and providing quality service and consistent performance.
