Herbert Smith Freehills has advised Commonwealth Bank of Australia on the recent AUD4.2 billion (about $2.8 billion) sale of its global asset management business to Mitsubishi UFJ Trust and Banking Corp., while Baker McKenzie advised the Japanese buyer.

The Herbert Smith Freehills team advising on the Colonial First State Global Asset Management sale was led by Sydney-based partner Tony Damian, who coordinated lawyers across the firm’s global offices including in London, Tokyo, Frankfurt, Paris, Madrid, Hong Kong and Singapore, the firm said in a statement.