Equity Trustees has confirmed the proposed merger talks between the group and Trust Company have been called off.
Discussions between both groups ended as neither party could agree on merger terms, Equity Trustees chairman Tony Killen said.
Board of directors of both firms also confirmed that as of late last week no due diligence had been undertaken by either group.
"Our board of directors determined from the commencement of discussions with Trust Company that a merger would only proceed if we were confident that the agreed terms would provide our shareholders with a fair outcome reflecting the performance and growth profile of our business," Killen said.
"Regrettably we have not been able to reach a conclusion that meets these criteria."
Despite the breakdown of discussions and recent market volatility, Equity Trustees expects to announce another good result in respect of the financial year ending June 30, 2008, Killen said.
"We are pleased with where our business is positioned and we look forward to continuing to explore opportunities for growth," he added.
In March, Equity Trustees and Trust Company announced to the market they had entered into merger discussions.
