Equity Trustees completes ANZ Trustee acquisition
The full acquisition of ANZ Trustees by Equity Trustees has been completed with the two groups now set to begin a five year referral and product development agreement.
The deal, which was first announced in April and granted ministerial approval in June, saw Equity Trustees pay ANZ $150 million for its trustee business which was underwritten by an equity-raising programme from existing shareholders and new investors.
The completion of the acquisition brings Equity Trustee's total funds under management and administration to around $40 billion and is the start of a five year strategic relationship in which ANZ will refer clients to Equity Trustees for trustee services while ANZ will develop banking products for offer to trustee clients.
Sixty ANZ Trustees staff have moved to Equity Trustees as a result of the acquisition with Equity Trustees chair Tony Killen stating the focus of the combined operations for the next 18 months will be to integrate the two business and continue new growth and development projects under way at the time of the acquisition.
"This is a strategic and financially sound acquisition. 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," Killen said.
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