Norton Rose Fulbright acted for Moelis Australia Asset Management (MAAM), a subsidiary of Moelis & Company, in connection with the initial public offering of listed investment company Global Wealth Partners Fund Limited (“GWP”). Moelis & Company is a New York Stock Exchange listed corporate advisory firm with a market capitalisation of approximately US$1.8 billion.

The offer seeks to raise between A$100 million and A$300 million by way of shares to Australian and New Zealand retail investors, and a suite of sophisticated Australian and foreign investors.

Norton Rose Fulbright partner Fadi Khoury, lead counsel to MAAM, said that the offering was strategically important for the Manager. “GWP provides Australian investors, considered by many advisers to be overweight Australian equities, with exposure to global equities managed by MAAM in conjunction with specialist offshore managers selected by MAAM,” Mr Khoury said.

“Listed investment companies typically come with a bonus share option for investors but GWP adopts a more innovative approach by issuing options and rewarding investors for their loyalty”. 

Managing Director of MAAM, Andrew Martin, said: “we consider that one of the unique attributes of GWP is the privileged access it offers Australian retail investors to four leading investment managers based in the U.S.”

Specialist hedge fund advisory firm Aksia undertook operational due diligence on the offshore investment partners appointed by MAAM. The investment partners are: Manikay Partners, Orange capital, JHL Capital Group and LocustWood.

PricewaterhouseCoopers is  advising MAAM as accountants.

Norton Rose Fulbright’s role involved the establishment of GWP, development of the prospectus, advising on local and foreign distribution of the offering, and application for listing on the Australian Securities Exchange.