Heritage Trustee renames to Sargon

Heritage Trustee Company Limited (Heritage) has renamed to Sargon (NZ) Limited (Sargon), in conjunction with the Financial Markets Authority (FMA) re-issuing Heritage’s supervisor licence in Sargon’s name.

Sargon is now licensed under section 16(1) of the Financial Markets Supervisors Act 2011 to act as a supervisor of debt securities and registered schemes, including KiwiSaver.

The renaming takes place just over three weeks since the financial technology and infrastructure company officially launched in New Zealand, unveiling its next-generation trustee cloud infrastructure to power KiwiSaver schemes and other financial products.

Sargon Chief Executive Officer, Phillip Kingston, was pleased to achieve this milestone acknowledging the momentum Sargon is gathering in New Zealand.

“For a number of years, Sargon has held ambitions to deliver our services and technology to New Zealand to create great financial outcomes for Kiwis,” Kingston said.

“While today’s renaming is a somewhat technical change, it’s an important milestone for our team and clients as we seek to further expand our presence in New Zealand, leveraging what the Heritage team started here, more than 20 years ago.

“We’ve transformed the old supervisor model by combining the deep local knowledge and expertise from our established team in New Zealand with our innovative technology and financial services experience from across the region.”

Sargon issues the largest number of Australian Prudential Regulation Authority (APRA) regulated superannuation funds in Australia, issuing 22 of 133 funds (equivalent to supervision). It also holds an Occupational Retirement Scheme Ordinance (ORSO) licence in Hong Kong.

Sargon first entered the New Zealand market through the acquisition of The New Zealand Trust Company in 2017, before then acquiring FMA-licensed Heritage in December 2018.

“Sargon partners with our clients to ensure the various statutory and fiduciary obligations are met, but we firmly believe the responsibilities and relationship we have with our clients should go beyond keeping people out of trouble,” Kingston continued.

“We aim to enhance the value proposition of their core business, helping them grow and deliver better outcomes for their investors.”

As part of the Sargon Trustee Cloud, Sargon plans to introduce its digital advice platform, Decimal, in New Zealand, subject to regulatory approval. It’s an enterprise digital advice platform transforming the way funds and advice operations engage with their investors.

Decimal was first launched in Australia in 2013 and on a monthly basis, facilitates up to 5,000 first-time users of online advice, provides over 2,000 advice documents, and averages approximately AU$1.3 billion in funds under administration.

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