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09 Dec 2015

Complectus continues acquisition spree, buying New Zealand Trustee Services

(BusinessDesk, 9/12/15)

Complectus, which owns trustee firm Perpetual Guardian, has bought New Zealand Trustee Services (NZTS) as it continues its purchasing spree of supervision firms that began with the acquisition of Perpetual Trust in 2013.

Auckland-based Complectus didn’t disclose the purchase price for the acquisition, which adds trust establishment and management services to more than 5000 trusts, it said in a statement. NZTS founders Jonathan and Penny Cron will stay at the business following the purchase, along with Christchurch office manager Kevin Scott.

“NZTS establishes a significant number of new trusts annually and its specialist focus on wills and trusts presents the opportunity for Perpetual Guardian to enhance services to existing and new clients as required,” Complectus chief executive Grant Kemble said.

Last year Complectus bought out Milford Asset Management’s active growth wholesale fund’s stake in Guardian Trust, which the pair had bought for $68.5 million. The deal allowed Complectus to combine Guardian with Perpetual Trust, which Complectus managing director Andrew Barnes bought the year before from NZX-listed Pyne Gould Corp.

Barnes’ Bath Street Capital, the investment vehicle which owns Complectus, is locked in a dispute with Pyne Gould over the Perpetual acquisition. The two parties have filed claims and counter-claims of at least $22 million.

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Perpetual Guardian is a trading name of The New Zealand Guardian Trust Company Limited and Perpetual Trust Limited. For Authorised Financial Advisers, a disclosure statement is available upon request and free of charge.