Bath Street Capital Limited today announces that it has purchased the remaining shares that it did not already own in Complectus Limited. Complectus Limited recently purchased The New Zealand Guardian Trust Company Limited from Perpetual Limited and was jointly owned by Bath Street Capital Limited and the Milford Active Growth Wholesale Fund, managed by Milford Funds Limited.
The joint ownership structure necessitated a complex governance structure in order to ensure that Milford did not have any access to information relating to funds management clients. The change of ownership enables a rationalisation of the ownership and governance structure and a more simplified and transparent business model, better suited for the future direction of the combined Perpetual Trust and Guardian Trust businesses.
The transaction involves a cash payment plus a further potential performance related payment.
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