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The Trust Company Names Head Of New Zealand Subsidiary

Vanessa Doctor

13 September 2013

becomes the executive general manager and New Zealand country head of Guardian Trust, a wholly-owned subsidiary of The Trust Company that provides corporate and personal services to the NZ market. 

Burns joins the company from ASB Bank, where he was the general manager for strategy, compliance and program management and general manager for private banking and wealth. Prior to that, he was managing director of Barclays Wealth.

The Trust Company acquired Guardian Trust in 2011 for A$31.6 million ($29.2 million). At the time, the latter had been operating in 14 locations across the North and South islands of New Zealand and recorded some A$4.8 billion in assets under administration. 

Trust is also currently in the middle of takeover offers from IOOF Holdings and Perpetual. As of this writing, Trust's board has unanimously backed Perpetual's bid, which is A$0.71 higher than IOOF's. A scheme meeting is scheduled for November.