Ashurst has advised BKI Investment Company Limited (BKI) on an investment management agreement for the externalisation of the company's investment portfolio from 1 November 2016.

BKI's portfolio management and advisory function will be assumed by Contact Asset Management Pty Ltd (Contact), a new investment management company that is majority owned by Mr Tom Millner and Mr Will Culbert, BKI's current CEO and portfolio manager respectively. Mr Millner and Mr Culbert each own 40% of Contact, while the remaining 20% will be owned by Washington H Soul Pattison and Company Limited.

Under the agreement Contact will provide BKI portfolio management and advisory services. Mr Millner and Mr Culbert will both cease to be employed by BKI and will forfeit all outstanding short term and long term BKI incentive plans.

The lead partner on the deal was Anton Harris. Anton was assisted by partner Bruce McDonald, senior associate Scott Lai and lawyer Alli Clark (Corporate); partner Barbara Phair and senior associate Elke Scevak (Tax).