Complectus, owner of Perpetual Guardian, announces has signed a heads of agreement with Covenant Trustee Services, which provides corporate trustee and statutory supervisor services to New Zealand businesses, charities and retirement villages.
Managing director Andrew Barnes said a sale process was expected to conclude later in the year.
“Covenant Trustee Services and its managing director Graham Miller are well-established presences in the New Zealand trustee services sector, particularly in the area of retirement villages. Covenant will remain a stand-alone business within the Complectus group, and, with Graham’s ongoing involvement, we will ensure Covenant continues to offer the same outstanding levels of service to its clients, which are in line with the goals and values of Perpetual Guardian.”
He said the expected purchase of Covenant offered an opportunity for Complectus to expand its footprint in the fiduciary services sector.
“We will be in a position to update the market later in 2015.”
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