Milford funds sell out of Guardian Trust/Perpetual tie up

Just four months after taking a 50% stake in the NZ Guardian Trust Company, Milford Funds Ltd has sold out of a joint venture ownership to Andrew Barnes’ Bath Street Capital.

Milford’s investment was made through the Milford Active Growth Wholesale Fund, which bought into Complectus Ltd in April with Bath Street, which is also the owner of New Zealand’s Perpetual Trust.

Complectus paid $68.5 million for Guardian Trust with finance from BNZ and immediately merged Perpetual Trust into the business.

 

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