Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ Guardian Trust Back under New Zealand Ownership

New Zealand Guardian Trust Back under New Zealand Ownership

Two of New Zealand’s oldest trust businesses, Perpetual Trust New Zealand and New Zealand Guardian Trust, will join forces, as of today.

This follows the announcement that Australian listed company Perpetual Limited, has sold its interests in New Zealand Guardian Trust to Complectus Limited.

Complectus Limited is a newly incorporated company co-owned by the Milford Active Growth Wholesale Fund (managed by one of New Zealand’s leading Fund Management companies), and Bath Street Capital Limited, the private investment company of Andrew Barnes. Bath Street Capital also owns 100 per cent of Perpetual Trust New Zealand.

Complectus Limited Chairman, Rob Flannagan says by coming together both trust companies will be in a strong position to continue to provide excellent service to clients, while investing in market leading solutions for both corporate and private clients.

“We’re bringing together the operations of two of the country’s oldest trustee companies and building on our deep foundations, creating a dynamic, locally owned New Zealand trust business,” says Mr Flannagan.

Mr Flannagan emphasised that it would be business as usual for corporate clients of New Zealand Guardian Trust where the business is the market leader in New Zealand.

Experienced director and sole shareholder of Bath Street Capital Limited, Andrew Barnes has been appointed Managing Director of Complectus Limited.

Mr Barnes says Perpetual Trust New Zealand and New Zealand Guardian Trust have been working with New Zealanders for more than 125 years, managing and providing advice for family trusts, wills, enduring powers of attorney and estate management.

“We see strong benefits in integrating the two businesses, and we will be injecting new thinking and ideas into our services for our clients,” says Mr Barnes.

Brian Gaynor, Portfolio Manager of the Milford Active Growth Fund and Milford Active Growth KiwiSaver Fund, says he is delighted that New Zealand Guardian Trust is back in New Zealand ownership. The two Milford funds have invested in Complectus, where Mr Flannagan will chair the board and Mr Barnes will be responsible for the day to day running of the company.

Throughout the transition it will be business as usual for clients of both Perpetual Trust and NZ Guardian Trust.

There is no relationship between Perpetual Limited in Australia and Perpetual Trust in New Zealand.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news