The Trust Company, the New Zealand-based trustee and wealth management firm, saw the departure of the managing director of Guardian Trust, its subsidiary, this month following a major restructuring effort.

John Botica leaves the company effective 31 July. Botica has been leading the firm since 2010. In a statement, The Trust Company said the move to a group model "has meant the role of managing director of Guardian Trust is no longer required." The firm acquired Guardian in March 2011 from Suncorp Group for $31.6 million.

A number of executive positions have also been reshuffled as part of the initiative.

David Grbin, company chief financial officer, has been named executive general manager of corporate client services overseeing Australia, New Zealand and Singapore. Grbin continues on his old role until the firm finds a replacement.

Continuing as personal client services heads are Ray Gould and Phil Morgan Rees on a country management basis. Both report directly to John Atkin, chief executive.

The Trust Company is one of the largest trustees in Australia offering both personal and corporate services. It employs some 450 staff across Australia, New Zealand and Singapore.