Equity Trustees Limited (EQT) has completed the purchase 100% of ANZ Trustees Limited from the Australia and New Zealand Banking Group (ANZ) for $150 million.
The purchase of ANZ Trustees (ANZT) will bring EQT’s total funds under management and administration to approximately $40 billion.
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Following the acquisition, 60 ANZ Trustees staff have moved to Equity Trustees. Also the deal will bring a significant increase in earnings to EQT and the opportunity to further develop the company’s existing growth strategies.
Additionally, EQT and ANZ have entered into a strategic relationship for five years, under which ANZ will refer clients to Equity Trustees for trustee services while ANZ will develop banking products for offer to trustee clients.
The strategic agreement with the potential for renewal for a further five years will explore other areas of mutual interest such as the development of solutions to meet the needs of ANZ clients who need access to aged care services.
Tony Killen chairman of Equity Trustees said that ANZT is a high quality operation with a similar private client business model, strong cultural alignment and good geographic fit with EQT.
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By GlobalData"The two businesses combined will constitute Australia’s largest independent dedicated trustees Services Company listed on the ASX. This arrangement augments EQT’s current strategy in partnering with trusted advisers to distribute products and services.
"The focus for the business over the next 18 months will be to integrate the ANZT business into the existing operation, as well as continue the organic growth and development projects already under way," Killen added.
Robin Burns managing director Equity Trustees said: "We have been able to work closely with the bank in managing the transfer of records, systems and client relationship process and have been very pleased with the progress to date."
