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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news