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.