Tricor Group (Tricor), Asia's leading business expansion specialist, has signed a sale and purchase agreement to acquire NZGT Holding Company Limited (NZGT Holdings) together with its wholly owned subsidiaries The New Zealand Guardian Trust Company Limited (Guardian Trust) and Covenant Trustee Services Limited (Covenant) from Complectus Limited. The sale is subject to customary regulatory approvals.
Tricor is the largest pure-play corporate services platform in APAC, serving over 50,000 client entities across its 21-market footprint. A positive move for Guardian Trust and Covenant, this proposed acquisition will see the group and its New Zealand clients benefit from Tricor’s significant financial backing, global best practices, and innovative product and service offerings.
Guardian Trust and Covenant are the leading provider of corporate supervisory services with over NZ$250 billion in funds under supervision, and has operated in New Zealand for over 125 years. Guardian Trust and Covenant will continue to grow its team and capabilities through further investment by Tricor Group. The entire team will remain with the business and benefit from opportunities this global alignment offers. Day to day operations remain unchanged.
Tricor’s Global Corporate Trust business will operate and serve clients across 5 global markets including Hong Kong SAR, Beijing, Singapore, UK and New Zealand.
Perpetual Guardian, the private client services business of Complectus, does not form part of this acquisition and will remain 100% New Zealand-owned.
Lennard Yong, Tricor Group CEO, said: "We’re excited to welcome Guardian Trust and Covenant to the Tricor family and have been very impressed with the local management team led by NZGT Holdings CEO Harry Koprivcic. The addition of Guardian Trust and Covenant to Tricor’s corporate trust business practice will enable us to enhance our client proposition and offer market-leading trust solutions in New Zealand and across Australasia and Asia-Pacific.”
Harry Koprivcic, CEO of NZGT Holdings, said: “Our decision to join forces with Tricor is strongly driven by the firm’s global reputation and recognized strength in corporate services. Sharing in Tricor’s service-oriented approach and benefiting from their investment, we will continue to grow our team and capabilities to support the delivery of our market-leading supervisory and trustee services to the New Zealand market.”
For more information, please contact:
HONG KONG SAR (GROUP OFFICE)
Tricor Services Limited
Group Head of Marketing & Communications
Tel: +852 2980 1261