Trustees Executors shareholders bought out
Financial services investor Sterling Grace has bought out the minority sharehodlers of Trustees Executors for $4.9 million.
Friday, February 9th 2018, 10:29AM
It values the business at $94.4m.
Sterling Grace bought the shares of investors owning 5.2% of Trustees Executors in the year to September 2017, in which it reported a profit of $9m and paid $15.9m in dividends.
The trustee firm, one of five licensed supervisors, administers and supervises more than $122 billion of client funds across 810,000 individual accounts.
Between 1999 and 2003, Trustees Executors operated under the Tower brand. When Sterling Grace acquired the Tower Trust in 2003, it reverted to its original name.
The company said: “The acquisition of Trustees Executors by Sterling Grace has created opportunities for the company as an independent provider of trust, custody, and financial advisory services in the New Zealand financial services market.”
Trustees Executors has been on the block for a sale with reported rumours of interested Australian buyers.
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