Australian investment management firm Perpetual has sold New Zealand Guardian Trust Company to wealth management firm Complectus, in a deal worth $63.3 million.
Perpetual, which acquired The Trust Company in December, agreed to sell the business as it no longers part of its core strategy.
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Perpetual CEO and managing director, Geoff Lloyd, said that the sale allows Perpetual to maintain the strong momentum on its Transformation 2015 strategy, while Guardian Trust’s clients and employees will move forward with a trust business that has a 130 year history in New Zealand.
Additionally, Complectus will merge the Guardian Trust’s assets with Perpetual Trust, which is owned by Andrew Barnes’s Bath Street Capital.
The newly formed company will be co-owned by Milford Active Growth Wholesale Fund.
Meanwhile, Perpetual is anticipating to generate around $15 million in post-tax synergy benefits a year from the integration of the Trust Company.
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By GlobalData
