Trust company consortium, Complectus, has hired Russell McVeagh commercial partner, Grant Kemble, as chief executive officer.
After a 23-year career in commercial law at Russell McVeagh, Kemble will take up the new role in September, assuming day-to-day responsibilities for the Complectus group from current managing director, Andrew Barnes.
Founded by majority shareholder Barnes in 2014, the Complectus group includes Perpetual Guardian, Guardian Trust, Covenant Trustee Services and, added last week, Foundation Corporate Trust. In total, the group claims about $110 billion in ‘assets under supervision’.
Foundation, whose predecessor firm acted as trustee to several failed finance companies, was spun out of Perpetual Trust – then owned by Pyne Gould Corp (PGC) – in 2012 after a management buyout.
In a statement, Barnes, who holds several roles in the wider Complectus group, said Kemble was hired due to his experience in “complex business transactions and advisory matters, as well as his governance background and long-standing relationships with regulators”.
“Under his management the business will continue to innovate in fiduciary, legal, philanthropy and digital services and to develop a fiduciary platform for global application,” he said in the statement.
According to the Russell McVeagh website, Kemble has been involved in a number of high profile transactions, including the purchase of Guardian Trust by Barnes’ investment vehicle, Bath Street Capital, and Milford Asset Management last year.
He also helped arrange “the subsequent buy out by Bath Street Capital of Milford” just months later. It is understood Kemble also advised Barnes on an ensuing dispute with PGC chief, George Kerr, in relation to an alleged $22 million contingency payment linked to the earlier sale of Perpetual Trust.
Kemble’s clients say he “handles difficult situations very well and knows his stuff”, according to the Russell McVeagh website.