Andrew Barnes, Perpetual Guardian founder.
Photo: Supplied
Estate planning, trust and investment manager Perpetual Guardian Group is stepping back into the corporate supervision market with the purchase of Trustees Executors Limited for an undisclosed sum.
The companies are the oldest trustee institutions in the New Zealand, with histories stretching back more than 140 years.
Perpetual Guardian Group provides estate planning and investment services, and looks after over 125,000 client relationships, with $2.8 billion in funds under management, and $8b in total assets under management.
Trustees Executors supervises more than $200b worth of KiwiSaver, managed funds and other investment products.
It is the appointed supervisor for a wide range of investment managers and listed entities, including Milford Asset Management funds, Fisher Funds schemes, Midlands Funds, and the NZX‑listed Vital Healthcare Property Trust.
Perpetual Guardian previously exited the supervision sector in 2021, but said the acquisition will make it the country’s largest provider of fiduciary services.
Fiduciary services make sure that fund managers follow the rules, protect investors’ money, report accurately, and run their fund the way they promised.
Perpetual Guardian said it has notified the Financial Markets Authority of the sale.
Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.