NZGT Holdings CEO Harry KoprivcicLocal corporate trust businesses Guardian Trust and Covenant have been snapped up by Hong Kong-based Tricor Group. The two Kiwi businesses were part of financial services company Complectus, which is jointly owned by local private equity firm Direct Capital and the Andrew Barnes controlled Coulthard Barnes Holdings. The transaction does not include Perpetual Guardian, the private client services business also owned by Complectus. Complectus began buying trustee firms in 2013 with the acquisition of Perpetual Trust before adding Guardian and Covenant to its stable. The group also includes Foundation Corporate Trust and New Zealand Trustee Services.

Source: New Zealand Herald July 12, 2021 04:07 UTC