InvestorDaily reported in April that ANZ had entered an agreement with Equity Trustees to sell its ANZ Trustees business.
Equity Trustees said the acquisition was financed by a fully underwritten equity-raising program supported by existing shareholders and new investors.
The company said the acquisition will generate a significant increase in earnings, provide opportunities to further develop the company’s existing growth strategies and bring its funds under management and administration to around $40 billion.
Equity Trustees managing director Robin Burns said the transition for ANZ Trustees’ clients will be seamless.
“We have been able to work closely with the bank in managing the transfer of records, systems and client relationship process and have been very pleased with the progress to date,” said Mr Burns. “The services offered by ANZ Trustees are among the suite of services offered by Equity Trustees; the 60 employees transitioning from ANZ Trustees are a strong addition to the Equity Trustees team, and share the same focus and commitment to clients.”
As part of the acquisition, Equity Trustees and ANZ Trustees have entered into a strategic relationship for an initial period of five years.
During this period, ANZ will refer clients to Equity Trustees for the provision of specialised trustee services and will work with Equity Trustees to develop a suite of banking solutions that can be offered to their traditional trustee clients.
Both companies are also exploring other areas of mutual interest such as the development of solutions to meet the needs of ANZ clients who need access to aged care services.
ANZ chief executive for global wealth, Joyce Phillips, said the sale will allow ANZ to focus on the key elements of its wealth strategy, while also providing its clients “with continued access to specialist trustee administration services”.
