Andrew Barnes's Perpetual Guardian previously has tried, but failed, to buy Trustees Executors. This time the company has done a deal to buy TE's Private Wealth business which has $2.2 billion in assets under management including $400 million of funds under management.
The Private Wealth business includes its wills, estates and trust administration business.
The deal does not include Trustees Executors’ Corporate Supervision or Fund Administration divisions.
TE's Private Wealth team operate from within Perpetual Guardian, as the sole provider of services to Trustees Executor’s private wealth clients.
Perpetual Guardian Group chief executive Patrick Gamble says, “Perpetual Guardian and Trustees Executors are the two longest-serving trustee companies in New Zealand, with deep client relationships across the country, spanning decades and generations"
"I look forward to spending time with those clients and personally welcoming them into the Perpetual Guardian Group in the coming weeks. It is a significant milestone for our industry to combine the strengths of these two private client businesses.”
While the two businesses are similar they operate differently. For Financial Advisory services PG uses the Adminis platform while TE is with Consilium.
One of the pluses for TE is it will move to PG's newly updated IT systems as TE's Private Wealth trust and estate systems are outdated and reaching the end of their life.
Both companies also operate under their own Acts of Parliament. Gamble says that will continue but nothing will change for clients.
Another difference is TE has a retail advice business with three advisers (Ross Sheerin retired recently). Gamble says PG has been looking at launching something similar.
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