Trustee business sold to Australian firm

Trustee Partners, the Australian division of Sargon, has agreed to buy Complectus from Andrew Barnes’ business BSC. Complectus is made up of Perpetual Guardian, Guardian Trust, Covenant Trustee Services and New Zealand Trustee Services.

“This strategic acquisition represents Trustee Partner’s first overseas investment and provides an entry into the New Zealand trustee market,” Trustee Partners Managing Director Phillip Kingston says,

“We’re attracted to New Zealand because of favourable industry and demographic trends, including increasing household wealth and growing demand for intergenerational wealth transfer solutions.”

Barnes said the IPO process, which started last year, resulted in a significant number of approaches from both trade participants and private equity organisations.