Perpetual Trust's corporate trust division has been acquired in a management buy-out by a new licensed corporate trust business, Foundation Corporate Trust.
Perpetual's corporate trust head Matthew Lancaster will lead the new entity which will supervise funds across a range of different sectors.
Foundation Corporate Trust has been granted a four-and-a-half year term licence by the Financial Markets Authority to operate as a corporate trustee.
Foundation's independent chairman Sam Maling says the trust will operate well in the regulatory environment.
