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Trustees Executors (TE) has offloaded its personal wealth arm to Perpetual Guardian.
In a launch this afternoon, TE chair, Rob Russell, confirmed the sale ‘for an undisclosed sum’ whereas the Wellington-based firm retains its core company trustee and funds administration divisions.
“I’m assured that our personal shoppers will proceed to obtain the identical specialised companies they’re accustomed to and depend on from our personal wealth companies,” Russell mentioned in a launch. “The flexibility for our personal shoppers to now have entry to a wider community of assets and experience supplied by the broader Perpetual Guardian Group is an actual profit.”
The deal will see the TE personal wealth enterprise, headed by Justin Fox, transfer to the Perpetual Guardian advisory enterprise, established by Andrew Barnes beneath the Complectus trustee roll-up (which has since offered down Guardian Belief).
Barnes mentioned within the assertion: “Alongside our expanded retail providing, we’re persevering with to develop our specialist companies to high-net-worth shoppers, together with these requiring multigenerational, complicated wealth administration, fiduciary, and philanthropic companies. Including the Personal Wealth group from Trustees Executors will additional improve this functionality.”
TE restructured its management beneath three division heads final yr following the exit of chief government, Ryan Bessemer.
Russell, who served as CEO earlier than Bessemer, returned as TE chair final April because the enterprise refocused on “bolstering [its] core companies within the New Zealand market”.
Sterling Grace, an entity managed by the Switzerland-based John Grace, is the final word proprietor of TE.
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