Complectus continues buying spree with Foundation Corporate Trust

Complectus, which owns trustee firm Perpetual Guardian, has continued its buying spree, with the purchase of Foundation Corporate Trust, which it plans to integrate into its recently acquired Covenant Trustee Services.

The transaction was for an undisclosed sum and adds Foundation's trustee services for debt securities, participatory securities, managed investment schemes, retirement villages and securitisation to Complectus's growing business. Foundation will be integrated into Covenant, which Complectus bought earlier this year and said it would operate as a standalone business within the group.

"Covenant Trustee Services is an established and proven entity in the New Zealand corporate trustee market committed to maintaining a high level of service to Foundation Corporate Trust's clients," Complectus managing director Andrew Barnes said.

Foundation was set up in 2012 when the then-Pyne Gould Corp-owned Perpetual Group sold its corporate trust unit in a management buy-out.

Complectus entered the market when it bought Perpetual Trust from Pyne Gould in 2013. It went on to buy Guardian Trust, with Milford Asset Management's active growth wholesale fund the following year for $68.5 million, then bought out Milford's stake four months later. In April this year, it bought digital e-will platform My Bucket List.

Foundation managing director Matt Lancaster and risk director Kim von Lanthen were the company's only shareholders before selling to Complectus, according to Companies Office filings. Both Messrs Lancaster and von Lanthen resigned from the Foundation board, along with independent chairman Sam Maling.