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ANZ has agreed to sell its Custodian Services business in Australia and New Zealand to JP Morgan.
By Vishal Teckchandani
Friday, 20 November 2009
http://www.investordaily.com.au/latest-news/26521-anz-sells-custodian-business-to-jp-morgan
"Custodian services is increasingly a global scale business and JP Morgan Worldwide Securities Services is ideally placed to service this portfolio of clients with its comprehensive suite of custody and securities products and solutions," ANZ managing director of institutional Shayne Elliott said in a statement. "This transaction continues the process of refocusing ANZ's Institutional business on our core banking priorities in Australia, New Zealand and Asia." ANZ did not disclose how much the business was sold for in the statement. The transaction is expected to be completed before 31 December 2009, subject to regulatory approvals and will be followed by the progressive transfer of business and staff within 2010, ANZ said. JP Morgan. Worldwide Securities Services is a global securities servicing provider with US$14.9 trillion in assets under custody and US$5.1 trillion in assets under administration.
ANZ acquires Trust’s custody client base
http://news.iguana2.com/anz/ASX/ANZ/222226
For Release: 29 July 2004
ANZ today announced it had entered into an agreement with Trust Company of Australia to acquire Trust’s client base for custody services in equity, fixed interest and related asset products, creating a platform for further growth in ANZ’s specialist Custodian Services business.
Announcement Key Points
• ANZ will take over Trust’s domestic and master custody client contracts.
• The agreement strengthens ANZ Custodian Services’ product and service offerings, particularly in the Master Custody business.
• Develops scale for ANZ’s custody business with assets under custody growing from $50 billion to $61 billion following the addition of Trust’s client contracts for equity, fixed interest and related asset products.
• Clear plan established for ANZ and Trust to ensure continuity of client service standards over a 12-month transition period.
• Agreement consideration based on successful migration of contracts over the transition period.
ANZ Managing Director Trade and Transaction Services, Mr Mark Paton said: “The addition of this part of Trust’s custody client base is a further step in building a leading specialist custody business. “Custodian Services is an attractive business which leverages ANZ’s strong corporate and institutional client franchise and offers good growth opportunities. “We already have a successful organic growth strategy in custody services based on a specialist focus which has seen assets under custody grow by 20% during 2004. This move enhances the product and service offerings we can deliver to clients and builds further scale for the business,” Mr Paton said. ANZ Custodian Services provides safekeeping, settlement, income collection and reporting services for client investments in Australia, New Zealand and globally.
Permanent set to merge with Trust Co
14 August 2002
Jason Spits
http://www.moneymanagement.com.au/news/financial-planning/permanent-set-merge-trust-co
The directors of Permanent Trustees Company and the Trust Company of Australia have announced they have agreed to a merger of the two groups creating a single entity with a combined market capitalisation of $180 million and funds under management of $1.15 billion. The two groups made the announcement to the Australian Stock Exchange earlier today and in a statement submitted said that the proposed merger would happen through a scheme of arrangement between Permanent and its shareholders. As part of the merger the shares in Permanent would be transferred to the Trust Company and in turn all Permanent shareholders would receive 1.18 shares in the latter in exchange for each share in Permanent.
This arrangement would result in the shareholders of each group holding 50 per cent of issued capital in the merged group. However shareholders will be entitled to fully franked dividends of $1 for Permanent shareholders and 22 cents for Trust Company shareholders which will be paid when the merger is complete. Trust Company managing director Jonathan Sweeney says the driver behind the deal has been the need for consolidation in the trustee industry and the two groups were similar enough in makeup to justify moving ahead with a merger.
Sweeney said the merger would also provide increased financial strength for any future plans as the two groups would have combined revenues of $60 million per annum and pre tax cost savings of $5 million per annum. The combined group would operate in the typical areas of funds management, superannuation and financial planning as well as corporate services, wills and estates, custody, compliance and securitisation services. Permanent chair John Thame says the director of Permanent are recommending to shareholders to support the proposal and vote in favour of the move which will also need court approval.
Other hurdles include Trust Company shareholders approving changes to the company’s constitution to effect the merger and regulatory approvals, including a number of amendments to the Queensland Trustee Companies Act. Thame will also become the chair while Sweeney will take on the role of managing director with five Permanent directors and six Trust Company directors slated to comprise the board of the merged group. However Permanent managing director Paul Lahiff and Trust Company chair Gordan Moffat will not take up places on the new board which will be reduced by six members at the 2003 annual general meeting of the new group.