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.