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
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.