Perpetual sells NZ Guardian Trust Company


Perpetual announced today the sale of the New Zealand Guardian Trust Company to Complectus for $AUD63.3 million.
The sale of Guardian Trust was simultaneously executed and settled for 100 per cent cash consideration, according to an announcement made on the Australian Securities Exchange (ASX).
The announcement said the divestment of the New Zealand business would not impact Perpetual's previously stated synergy estimates of at least $15 million per annum after tax from The Trust Company integration.
This move follows Perpetual's acquisition in December last year of The Trust Company, which owned Guardian Trust. The New Zealand business was considered non-core to Perpetual's strategy and best placed with an experienced local owner to take the business forward, the ASX announcement said.
Perpetual chief executive and managing director Geoff Lloyd described the outcome as good, as it allowed Perpetual to maintain momentum on its Transformation 2015 strategy.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.