Trust completes NZ acquisition
Trust Company Limited has completed its acquisition of the New Zealand Guardian Trust Company after receiving approval from the Kiwi foreign investment regulator, the Overseas Investment Office of New Zealand.
Completion of the transaction was confirmed to the Australian Securities Exchange today by Trust Company chief executive John Atkin, who said it represented a significant milestone in the company’s “path to becoming the region’s pre-eminent independent trustee”.
He said the acquisition would expand the company’s footprint and give it cross-jurisdictional expertise.
The transaction has been valued at $31.6 million.
Atkin said the transaction delivered Trust a strong Personal Clients business.
“Applying the client-focused operating model adopted by Guardian Trust across the entire Personal Clients business should allow us, over time, to unlock the undoubted potential of that business to provide a more sophisticated international wealth management solution across the region,” he said.
At the same time as confirming completion of the acquisition, Trust said its preliminary management accounts indicated it operations had finished the year ended 28 February in line with guidance issued last October.
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Mike Taylor
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