Guardian Trust sale unconditional

The Overseas Investment Office (OIO) has approved the sale of corporate trustee Guardian Trust to an Australian trustee company.

The sale by Australian-based Suncorp Group to The Trust Company, for NZ$42 million, took effect on March 1 conditional on OIO approval.

John Botica will continue as managing director of Guardian Trust, and the company will continue to trade under its existing name.

The 125-year-old company has $6.5 billion in clients' assets under administration, and supervises a further $58 billion in assets as corporate trustee.

The Trust Company is publicly listed and Australia's largest independent trustee company.

Suncorp sold Guardian Trust to focus on its life businesses Asteron and AA Life.

NZPA

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