AWM more than doubles corp trust business
The corporate trust business of Australian Wealth Management (AWM) subsidiary, Australian Executor Trustees (AET), has swelled from $4.2 billion under supervision to $10.2 billion following its purchase of ABN Amro’s corporate trust business in Australia.
Corporate trusts act as trustees and custodians for structured finance and securitisation activities, for example holding the physical mortgage contracts on behalf of investors in mortgage securitisation funds.
According to AWM managing director, Andrew Barnes, AET had just modified its Australian Financial Services License to allow it to act as a trustee for securitisation activities, in preparation for the ABN Amro purchase or a similar acquisition.
AWM had spent two months performing due diligence on the purchase, Barnes said, which is expected to be finalised on July 31.
AWM’s financial planners would not be affected by the acquisition, Barnes added.
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