Bendigo and Adelaide sells estates business
Bendigo and Adelaide Bank has sold its Estates business to Equity Trustees.
The two businesses announced the transaction late last year stating they had entered into a strategic partnership following the signing of an agreement.
Confirming the deal, Bendigo and Adelaide Bank managing director, Mike Hirst said the bank had received a number of approaches from various market participants with respect to a possible sale of the STL Estates business.
"Since the onset of the GFC, there has been a significant consolidation in the traditional trustee company industry, resulting in fewer traditional trustee companies, driven by significant scale benefits and cost synergies," he said.
Hirst said an extensive review of the Estates business had found that without significant investment, the business lacked scale relative to the others in the market.
He said STL would continue to maintain its funds management and superannuation businesses, which collectively account for about $5 billion in funds under management and administration, and its custody business.
The agreement for the sale of the Estates business is subject to ASIC approval.
AUTHOR
Staff Writer
Recommended for you
Apostle Funds Management has appointed the newly created position of director, head of wholesale as the firm expands its Australian footprint in the wholesale sector.
Recruitment manager Robert Half has shared the most in-demand roles in financial services that firms are finding difficult to fill, driven by ASIC’s growing focus on risk and compliance.
ASIC chief executive, Warren Day, is among senior executives to depart the corporate regulator amid changes to its leadership team.
Iress has completed the sale of its platform business, bringing $4.1 billion in funds under administration over to Praemium.
