DLA Piper has advised existing clients Washington H. Soul Pattinson and Company Limited (ASX: SOL) (WHSP) and Pengana Holdings Pty Ltd (Pengana) on three transactions in the funds management sector, which will result in WHSP emerging as a major shareholder in the merged Pengana and Hunter Hall International Limited (ASX: HHL) (Hunter Hall) group.
 
Pengana’s substantial funds under management in Australian equities complements Hunter Hall’s globally invested funds. In addition, the two investment teams have global investing experience and will come together to manage and offer investors and shareholders a broader and more diversified investment offering, from a base in excess of AU$3 billion in funds under management.
 
The DLA Piper team was led by Corporate partner David Ryan, with James Philips, Elliott Cheung, Horace Wu and Rube Uthayakumar, with the Funds, Tax, Employment, Debt and Regulatory teams closely involved.
 
The proposed merger will be effected by Hunter Hall acquiring all the shares in Pengana in return for the issuance of 74.1 million Hunter Hall shares to Pengana shareholders.
 
DLA Piper previously advised WHSP on its initial acquisition of a 49.49 per cent stake in Pengana from National Australia Bank's NAB Asset Management, and is currently advising WHSP on its off-market takeover bid for Hunter Hall, through WHSP Hunter Hall Pty Ltd – a directly wholly owned subsidiary of WHSP. The all cash offer to Hunter Hall shareholders opened on 20 January 2017, and remains on foot.
 
David Ryan said: "WHSP is well known as a shrewd and successful steward of capital and businesses. We are excited to have assisted them in entering and consolidating a growing segment of the Australian funds management industry."
 
Washington H. Soul Pattinson is Australia’s second oldest publicly listed company, having listed on the Sydney Stock Exchange (now ASX) in January 1903. 
 
The company has a significant investment portfolio across a range of industries, including its traditional field of pharmaceuticals, as well as telecommunications, coal mining, equity investments, building materials, copper and gold exploration, property investments and corporate advisory.  As at 31 July 2016, the pre-tax net asset value of the WHSP portfolio was AU$4.9 billion.
 
Headquartered in Sydney, Australian funds management group Pengana specialises in listed equities, with operations in Sydney, Melbourne and Singapore. National Australia Bank acquired its significant minority interest in Pengana in 2008.
 
Incorporated in 1993, Hunter Hall is a specialist global and Australian equity investment manager, listing on the ASX in 2001.