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Elizabeth A. Hastilow

Practice Area Leader - Financial Services
+61.2.9513.2403
Fax +61.2.9513.2399

Ms. Hastilow is a leading adviser to clients in the investment management industry. She has a demonstrated track record of assisting clients through complex investment funds transactions, buying and selling investment funds management businesses, significant regulatory and business change and regulatory challenges. She has particular experience in advising equities, fixed income, real estate and alternative fund managers and institutional owners of these businesses.

Ms. Hastilow also regularly assists investment fund managers with their day-to-day legal requirements such as advising on new fund establishment, product disclosure and distribution, investment management agreements, custody agreements and administration agreements. She advises clients on Australian financial services licensing, breach reporting, registered scheme requirements, trustee powers and duties and financial services law compliance.

She is also proactively involved in industry and government discussions on major regulatory reforms shaping the investment management industry within Australia. Ms. Hastilow is regularly sought-after by clients as a sounding-board on strategy proposals and advises on issues such as responsible entity decision making, directors' duties and strategies for addressing major regulatory developments.

In 2016 Ms. Hastilow was recognised as one of Australia’s top Investment Funds lawyers and leading Financial Services Regulation lawyers by Chambers Asia-Pacific legal directory.

Professional Background

Prior to joining at K&L Gates, Ms. Hastilow worked for an Australian commercial law firm where she established its leading Funds Management and Financial Services practices.

Achievements

  • Recognised as a Band 1 lawyer for Investment Funds by Chambers Asia-Pacific.
  • Recognised for Financial Services Regulation by Chambers Asia-Pacific.
  • Named as 2015 Best Lawyers (Australia) 'Lawyer of the Year' for Investment Management.
  • Named as 2018 Best Lawyers (Australia) 'Lawyer of the Year' for Wealth Management / Succession Planning Practice.
  • Listed in Best Lawyers (Australia) from 2013 to 2018 in the areas of Funds Management, Investment Funds, Investment Law, Regulatory Practice and Wealth Management / Succession Planning Practice.

Professional/Civic Activities

  • Active contributor to the Financial Services Council’s work, in particular, on major regulatory reforms impacting investment managers operating in Australia and on the Asia funds passport initiative.
  • Director of The Helmsman Project.

Speaking Engagements

Ms. Hastilow regularly presents at conferences on regulatory issues impacting the Australian investment funds industry, including on reforms affecting Australian fund managers operating offshore and offshore fund managers operating in Australia.
  • Advising LSE-listed and ASX-listed international investment company, Henderson Group plc in relation to the 100% acquisition by Henderson Global Investors (Australia) Limited of fund managers Perennial Fixed Interest Partners Pty Ltd and Perennial Growth Management Pty Ltd from IOOF Holdings Limited and the employee-shareholders of each company. This included advising Henderson on all legal aspects of the acquisition, due diligence, transaction structuring and the preparation and negotiation of relevant transaction documents across multiple vendors.
  • Advising JPMorgan Asset Management (JPMAM) in relation to its registered fund platform in the Australian market. This involved advising on a number of financial services regulatory matters, including licensing and financial services law compliance, the transition of JPMAM's business from wholesale to retail product distribution, the launch of a suite of retail products (including direct investing products and feeder funds to Lux based SICAV's, product disclosure, distribution and marketing and the drafting and negotiation of key supplier arrangements.
  • Advising PIMCO in connection with the in-housing of Australian distribution of the PIMCO funds platform. This was an important transaction for PIMCO who had a long standing outsourced distributions relationship platform with EQT.
  • Acting for Resolution Capital, a specialist global real estate securities investment manager on the transfer of management for three registered managed investment schemes that invest in Australian and global real estate securities. This involved the negotiation and drafting of transaction documentation, advising on the retirement and appointment of a new responsible entity and assisting with transitional arrangements.
  • Acting for Pinnacle on the establishment of a new international equities funds management boutique including acting on the transfer of management for five registered and managed investment schemes that invest in international equities. This involved the negotiation of transaction documents, including new shareholder arrangements for the boutique.
  • Acting as Australian Legal Counsel for and advising the JPMorgan Infrastructure Investments Fund in the establishment of the IIF Australian 1 Trust, an Australian-domiciled infrastructure feeder fund to the JPMorgan Infrastructure Investments Fund. This included drafting feeder fund establishment documents for compliance under both Australian and U.S. law including trust deeds, unitholder agreements, subscription documents and offer memorandum. We also provided strategic regulatory and Australian Financial Service licensing advice to JPMIIF in connection with the fund establishment and investment offer to Australian institutional investors.
  • Acting as lead counsel and adviser to a global real estate investment management company on the phased withdrawal from its real estate investment management activities in Australia including its management of five ASX listed real estate investment trusts with in excess of AUD7.2 billion in assets under management at the time and its co-investment stake of around AUD150 million in those trusts. This included advising on:
    • risks and benefits of transaction alternatives
    • deal structuring (including internalisation and third party divestment options)
    • preparation of key transaction documents
    • strategic advice on transaction management, corporate governance, due diligence, deal execution and compliance.
  • Advising the wealth management arm of a major Australian bank in connection with a management rights sale of three of its large unlisted regulated Australian equities funds with in excess of AUD1.2 billion in funds under management.
    Advising an industrial property Real Estate Investment Trust (REIT) on a number of private equity property joint ventures and private equity fund unit and share acquisitions and sales.
  • Advising a number of investment funds management clients on corporate governance, shareholder arrangements, incentive arrangements for key investment funds staff, listing rule requirements, insider trading and market manipulation laws and director and trustee duties.
  • Working with a team of K&L Gates partners and lawyers across the globe advising an Australian bank and its investment management business on the application of various global financial services laws to its business.
  • Working with a team of K&L Gates partners and lawyers across the globe advising an Australian fund manager on securities holding and reporting requirements for its global equities portfolio holdings.