The move follows Perpetual's acquisition of The Trust Company in December last year which owned Guardian Trust.
The New Zealand business was considered “non-core” to Perpetual’s strategy and was best placed with an experienced local owner to take the business forward, according to a statement by Perpetual.
Perpetual chief executive and managing director Geoff Lloyd said Guardian Trust is a trusted brand and a good fit for Complectus, which is well established in wealth management in New Zealand.
“This is a good outcome. It allows Perpetual to maintain the strong momentum of our Transformation 2015 strategy, while Guardian Trust’s clients and employees will move forward with a trust business that has a 130-year history in New Zealand,” he said.
“Our T15 growth agenda has been accelerated by The Trust Company acquisition, which has added significant scale and capability to our business and we are pleased with progress on integration,” he added.
Perpetual expects to deliver synergy benefits of at least $15 million per annum after tax from The Trust Company integration.
The divestment of the New Zealand business will not impact previously stated synergies, Perpetual said.
