Piper Alderman advises Lanyon RE Services Limited on merger of five managed investment schemes


Piper Alderman has advised equity investment management business Lanyon RE Services Limited (Lanyon) on a transaction which will have the effect of consolidating two registered managed investment schemes and two unregistered managed investment schemes (Scheme Merger Funds) into one consolidated registered managed investment scheme, being Lanyon Investment Fund (ARSN 670 944 242) (Scheme Merger).

Following implementation of the Scheme Merger, the merged fund will have in excess of $155 million of net assets under management.

The deal team included James Dickson, Bonnie Doyle and Ashleigh De Silva.

In addition to other legal documents, James and the team worked closely with Lanyon to advise on a number of aspects of the Scheme Merger and prepared a merger implementation deed between Lanyon, Lanyon Asset Management as trustee of the two unregistered managed investment schemes and Perpetual as the responsible entity of the two registered managed investment schemes, and the booklets for unitholders of each of the Scheme Merger Funds, which included a notice of unitholders’ meeting and explanatory statement for each of the unitholders to assist them in making their decision whether to vote in favour of or against the Scheme Merger.

The Scheme Merger offers a number of benefits to unitholders of each of the Scheme Merger Funds, in addition to the singular, highly dedicated focus of one investment manager and high‑performing investment strategy, including reduced management fees and costs, the potential for better performance, liquidity improvements and opportunities for scale benefits and cost savings from a larger consolidated fund.

Unitholders of each of the Scheme Merger Funds overwhelmingly approved the Scheme Merger at each unitholder meeting held on 19 April 2024. The parties will now proceed to take steps to implement the Scheme Merger with the assistance of James and the team.

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