Trustees Executors (TE) has offloaded its private wealth arm to Perpetual Guardian.
In a release this afternoon, TE chair, Rob Russell, confirmed the sale ‘for an undisclosed sum’ while the Wellington-based company retains its core corporate trustee and funds administration divisions.
“I am confident that our private clients will continue to receive the same specialised services they are accustomed to and rely upon from our private wealth services,” Russell said in a release. “The ability for our private clients to now have access to a wider network of resources and expertise provided by the broader Perpetual Guardian Group is a real benefit.”
The deal will see the TE private wealth business, headed by Justin Fox, move to the Perpetual Guardian advisory business, established by Andrew Barnes under the Complectus trustee roll-up (which has since sold down Guardian Trust).
Barnes said in the statement: “Alongside our expanded retail offering, we’re continuing to grow our specialist services to high-net-worth clients, including those requiring multigenerational, complex wealth management, fiduciary, and philanthropic services. Adding the Private Wealth team from Trustees Executors will further enhance this capability.”
TE restructured its leadership under three division heads last year following the exit of chief executive, Ryan Bessemer.
Russell, who served as CEO before Bessemer, returned as TE chair last April as the business refocused on “bolstering [its] core services in the New Zealand market”.
Sterling Grace, an entity controlled by the Switzerland-based John Grace, is the ultimate owner of TE.