Norton Rose wins adviser role for Australian sovereign wealth fund

Norton Rose has won a coveted client mandate in Australia, with the firm appointed as a legal adviser to a local sovereign wealth fund with assets worth A$70bn (£45bn).

The firm won the appointment in January this year after the Future Fund conducted the first review of its local law firm arrangements since it was formed in 2006. The review launched in October last year, with Norton Rose securing an initial three-year appointment, with the possibility of a one or two-year extension to its term.

The Future Fund declined to comment on which firms it had appointed to the roster; however, it is understood that Australian heavyweight Mallesons Stephen Jaques was also appointed, while the fund has also worked extensively with Allens Arthur Robinson in the past.

The panel covers only domestic legal services and will not include investments made by the fund outside Australia. In the UK, the Future Fund has previously used firms including Mayer Brown.

Australia’s Future Fund was set up in 2006 by the Australian Government with an aim of delivering investment returns to boost public sector funds to deal with an anticipated strain on the economy caused by an ageing population. It is run and invested independently of the Government.

At the time of the last review it managed funds worth A$71.8bn (£44.7bn). Norton Rose, Mallesons and Allens Arthur Robinson all declined to comment.