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Sale of trustee business Complectus falls

Andrew Barnes, director of Bath Street Capital
Thursday 22nd of June 2017

Complectus says, in a statement, that purchaser Sargon Capital did not complete settlement on May 31. Consequently the business remains under the indirect ownership of Andrew Barnes's Bath Street Capital (BSC).

"Sargon Capital, co-founded by Phillip Kingston and Aron D’Souza, did not meet its obligations under the sale and purchase agreement, while BSC Limited complied with all its obligations," the statement says.

BSC had originally planned to sell the business through an IPO process, however it received a significant number of approaches from both trade participants and private equity organisations and a decision was made to sell it to Trustee Partners, the Australian division of Sargon.

Complectus is made up of Perpetual Guardian, Guardian Trust, Covenant Trustee Services and New Zealand Trustee Services.

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Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
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FMA outlines its latest expectations for advisers
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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
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