Complectus, owner of Perpetual Guardian, has finalised the purchase of the independent full-service corporate trustee Foundation Corporate Trust for an undisclosed sum.
Foundation Corporate Trust provides trustee services for debt securities, participatory securities, managed investment schemes, retirement villages and securitisation.
As a result of the transaction Foundation Corporate Trust will be integrated into the business of Covenant Trustee Services, which was acquired by Complectus earlier this year. Foundation Corporate Trust’s clients are being advised of the transaction.
Andrew Barnes, the managing director of Complectus and Perpetual Guardian, says the acquisition is a positive development for Complectus and the clients of Foundation Corporate Trust. “Covenant Trustee Services is an established and proven entity in the New Zealand corporate trustee market that is committed to maintaining a high level of service to Foundation Corporate Trust’s clients.”
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