Synergies exceeded expectations alongside continued business growth

EQT Holdings Limited (ASX: EQT) (Equity Trustees), today announced it had completed the integration of Australian Executor Trustees Limited (AET).

The completion was marked by the conclusion of the Transition Service Agreement (TSA) that EQT had in place with Insignia Financial Limited (ASX:IFL) (Insignia) to support the integration.

Equity Trustees’ Managing Director Mick O’Brien said the acquisition was exceeding expectations.

“The integration was completed within the $22 million budget, delivering revenue synergies of $3.9 million in FY24, and the anticipated annual cost synergies of $3.5 million per annum are expected from 2H FY25.

“This is an incredible achievement by our people, and I wish to acknowledge the skill and dedication with which they have managed the integration.

“When we announced the acquisition in August 2022, we said it was a strategically and financially compelling acquisition that would deliver significant growth for Equity Trustees.

“Now operating seamlessly as part of EQT's TWS private client business, AET has added scale, expertise, geographic spread and leadership in more markets.

“It has increased FUMAS, boosted revenue, and has been earnings accretive from day one."

AET was acquired from SFG Australia Limited, a wholly owned subsidiary of Insignia in November 2022 and funded through a combination of debt and equity.

It combined two leading providers of professional private client trustee services in specialised estate and trustee services, including native title, compensation and charitable trusts, and wills and estates. It also added a portfolio of Small APRA Funds (SAFs) to Equity Trustees’ growing superannuation trustee business.

Mr O’Brien said, “From a financial perspective, we will see the full benefit for the first time in FY26, but much of that will come through in the second half of FY25”.

Equity Trustees’ Chair Carol Schwarz said, “The success of this integration is a credit to the management team and reflects the expertise that we have built adding new businesses into the group.

“This supports our strategy to be the leading trustee services provider in Australia and we are going from strength to strength, as we have done for the past 140 years and will continue to do.”

The Managing Director, has authorised that this document be given to the ASX.

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Johanna Platt

Managing Director                                   Chief Financial Officer

+61 3 8623 5202                                        +61 3 8623 5015

mobrien@eqt.com.au                               JPlatt@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane and Perth.

Strategic focus and transformative investments driving growth

• Funds under management, administration and supervision at $202.8 billion, up 26.7% on the prior year
• Revenue increased 23.1% to $174.0 million
• Underlying net profit after tax up 13.8% to $37.9 million
• Statutory net profit after tax $20.7 million, up 10.0%
• Final dividend 53 cents per share, bringing total dividends for the year to 104 cents
• Strong progress to date on the AET integration, delivering on anticipated synergies and driving strong TWS performance
• Newly combined Corporate and Super business established and positioned for growth
• Expenses higher, driven by investment to support growth and some inflationary impacts
• Positive client satisfaction and employee engagement outcomes
• Charitable giving of $178 million providing valuable support in challenging times
• Outlook positive, with market leading positions and strong business pipelines

EQT Holdings Limited (ASX: EQT) (Equity Trustees) today announced its results for the year ending 30 June 2024. Managing Director Mick O’Brien said, “This has been a strong year for Equity Trustees, with FUMAS, revenue and profit all showing good growth.

“These results reflect a full twelve-month contribution from AET (relative to a seven-month contribution in the previous corresponding period (PCP)), realised revenue synergies, and strong organic growth in both Trustee and Wealth Services (TWS) and the newly combined Corporate and Superannuation Trustee Services (CSTS) business.

“Our strategic focus and investments are paying off, and the results are flowing through to the bottom line.”

Equity Trustees Board Chair Carol Schwartz said, “Equity Trustees has had a positive year as it continues to pursue its growth strategy.

“We have remained focussed during a transformative year in which we successfully integrated AET, combined two of our major businesses and upgraded our technology systems.

The Board declared a 53 cent dividend for the half, taking the total for the year to 104 cents.

Mr O’Brien said growth in FUMAS had been strong and reached a record $203 billion.

“The significant rise in funds under our stewardship flows directly through to our revenue and positions us as one of Australia’s top five wealth groups,” he said.

Revenue increased 23.1% to $174.0 million for the year, while group underlying net profit after tax was up 13.8% to $37.9 million.

Mr O’Brien said the strong growth necessitated investment, and expenses rose 28.3% to $141.8 million.

“Expenses were understandably higher as we transferred all AET staff to the group, and continued to hire new staff in a tight employment market to manage our growth. Persistent inflation also impacted costs across the group,” he said.

“We made pleasing progress on our major technology and transformation initiatives, with several key phases concluded during the year.

“Technology expenditure costs continue to be elevated, but are expected to be largely complete towards the end of FY25.

“On client satisfaction we again produced strong results, and for employee engagement we improved on key performance measures company wide.”

Trustee and Wealth Services (TWS)

TWS had a strong year with revenue increasing 30.3% to $99.1 million. This above-trend growth was attributable to a full twelve-month contribution from AET, the realisation of $3.6 million of revenue synergies from the AET acquisition and good organic growth across most product lines.

“The integration of the AET business has exceeded expectations, and the investment is positioning us well to win new clients and other opportunities that are now flowing,” Mr O’Brien said.

“Organic growth was strong and the pipeline of new business activity remains healthy, with the new digital solutions expected to further support organic growth momentum over time.”

Corporate and Superannuation Trustee Services (CSTS)

The newly-combined Corporate and Superannuation Trustee Services (CSTS) business had a strong first year, with revenue up 15.3% to $71.5 million (not including UK/Ireland), reflecting a combination of good organic growth and positive investment markets.

Australian Fund Governance and Trustee Services revenue increased by 11.1%, with pronounced new business activity, while Superannuation revenue increased by 21.3% driven by new appointments and funds flow.

During the year the operations in Ireland were disposed of, and the exit from the UK is being managed and is expected to complete in the first half of FY25.

Mr O’Brien said, “The short term outlook for CSTS remains positive, with a strong pipeline of new business activity.”

Outlook

Mr O’Brien said, “The outlook for the Group is positive, with its transformed structure, enhanced digital capability and enlarged footprint providing a solid basis for further growth.

“The outlook for FY25 benefits from the scaling down of one-off costs related to the integration of AET and our substantial technology investments, and the exit from Ireland and the UK. The industry fundamentals continue to favour our specialist trustee model, despite increasing regulatory intensity.

“In the shorter term, global investment markets are likely to remain highly volatile for some time, however our balance sheet remains strong with low gearing and healthy levels of liquidity proving flexibility for the future.”

Download the ASX Announcement

________________________________________

The Board has authorised that this document be given to the ASX.

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

+61 3 8623 5396 / +61 403 172 024

akokocinski@eqt.com.au

Scott Hinton

Vaughn Partners       

+61  419 114 057

shinton@vaughanpartners.com.au

Investors

Mick O’Brien                                             Johanna Platt

Managing Director                                   Chief Financial Officer

+61 3 8623 5202                                        +61 3 8623 5015

mobrien@eqt.com.au                               jplatt@eqt.com.au

 

Equity Trustees was established in 1888 to provide independent, impartial trustee and executor services to help Australian families protect their wealth. Now Australia’s leading specialist trustee company, Equity Trustees offers a diverse range of services to private and corporate clients including asset management, estate planning, philanthropic, superannuation trustee services and responsible entity services. Equity Trustees is the brand name for EQT Holdings Limited (ABN 22 607 797 615) and its subsidiaries, with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth, Dublin and London. EQT is listed on the Australian Securities Exchange (ASX: EQT).

EQT Holdings Limited (ASX: EQT) today announced that Non-Executive Director, Kevin Eley, will retire as a director of the Company at the conclusion of the next Annual General Meeting.

Mr Eley joined the Board in 2011 and was appointed Chair of the Audit Committee in 2014 and has been a Member of the Risk Committee since its inception in 2015.

EQT Chair, Carol Schwartz AO, said: “Kevin’s eagle eye for the detail of the financials and his deep experience in funds management and mergers and acquisitions from his lifelong career in the financial services sector has meant he has made an extraordinary contribution to our Board over the last 12 years as we have stewarded Equity Trustees through significant growth.

“He has been a collaborative fellow director whose warmth and good humour and, combined with his experience and genuine interest in this special company, has enabled him to bring valuable insights and perspectives to the Board table.

“On behalf of the Board, I wish him well and all the best for the future,” Ms Schwartz said.

The Board has authorised that this document be given to the ASX.

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Johanna Platt

Managing Director                                   Chief Financial Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               jplatt@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane and Perth.

EQT Holdings Limited (ASX: EQT) will conduct a webinar presentation by Mick O’Brien, Managing Director and Johanna Platt, Chief Financial Officer, for investors following the release of EQT’s Full Year Results on Thursday 22 August 2024.

Webinar: 10.30 am AEST
Thursday 22 August 2024

Register for webinar here

You have the opportunity to include a question in advance when you register, when you receive the details by email closer to the day, or via the webinar platform during the presentation.

Access to a recording of the webinar will be emailed to all registrants after the event, and available afterwards at https://eqt.com.au/investor-centre.

 

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Johanna Platt

Managing Director                                   Chief Financial Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               jplatt@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane and Perth.

EQT Holdings Limited (ASX:EQT) advises that its Board has introduced a Non-Executive Director Equity Plan (NED Equity Plan) which aims to enhance alignment between Non-Executive Directors and shareholders.

The NED Equity Plan enables new and current Non-Executive Directors to acquire shares in order to increase their Holdings in EQT.

It will operate on a fee sacrifice basis and, as a result, will not involve additional cost to EQT.

Each year, Non-Executive Directors will be given the opportunity to sacrifice up to 100% of their base Director fee (excluding compulsory company superannuation contributions) in return for rights to acquire fully paid ordinary EQT shares of equivalent value, subject to the terms of the NED Equity Plan. The shares will be purchased on-market.  

Carol Schwartz, EQT Chair said: “The implementation of the NED Equity Plan further aligns the interests of the EQT directors with that of its shareholders and reflects the Board’s confidence in EQT’s long term growth prospects.”

The NED Equity Plan will be effective for Financial Year 2025.

The Board, has authorised that this document be given to the ASX.

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Johanna Platt

Managing Director                                   Chief Financial Officer

+61 3 8623 5015                                        +61 3 8623 5372

mobrien@eqt.com.au                               JPlatt@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane and Perth.

EQT Holdings Limited (ASX:EQT) today confirmed the completion of one of two key strategies to achieve synergies when it acquired Australian Executor Trustees Limited (AET).

At the time of acquisition, Equity Trustees announced its intention to exit the AET Platform business and also outsource the administration of the Small APRA Funds (SAFs) – a portfolio of more than 400 funds and $600m of assets. 

These changes are a critical driver of achieving the previously announced $2.9m net expense synergy.

Equity Trustees can confirm that the transition of SAF administration was completed on 3 June with SuperConcepts the new administrator for these funds. Equity Trustees remains as the trustee for these funds through its RSE Licensee held by subsidiary Equity Trustees Superannuation Limited (ETSL). 

The exit of the Platform business through a progressive wind down is well advanced.

Equity Trustees now expects to achieve a net cost synergy of the originally estimated $3.5m per annum. This will be achieved as a run rate in FY25. We confirm the previously announced expected revenue synergy of $5.8m per annum run rate in FY25, capital release of $10m expected by the end of the calendar year contingent on court approval and within the implementation budget of $22m.

The Managing Director has authorised that this document be given to the ASX.

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane and Perth..

EQT Holdings Limited (ASX:EQT) today responded to the infringement notices issued by the Australian Prudential Regulation Authority (APRA).

The notices related to the late reporting of data for a number of superannuation funds which are serviced under the RSE licence of subsidiary, Equity Trustees Superannuation Limited (ETSL).

Equity Trustees accepts that the required reporting standards under the Financial Sector (Collection of Data) Act 2001 for the September 2023 quarter were not met and recognises the importance of accurate and timely data required by the regulator.

Importantly, no members were impacted by the late reporting of the data.

Steps were taken immediately with the fund administrator once it became clear that they were not able to meet the required deadline, with ETSL promptly informing the regulator and maintaining communication throughout on progress to address the situation.

Equity Trustees took all prudent and reasonable steps to abide by the conditions of the relevant Act. In this instance Equity Trustees sought to prioritise accurate reporting of data, rather than meeting the required time frame.

EQT Holdings Limited does not expect to incur any financial liability in respect of the infringement.

Mick O’Brien, Managing Director, has authorised that this document be given to the ASX.

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane and Perth.

EQT Holdings Limited (ASX:EQT) today confirmed the completion of the sale of its share of the Irish business (Equity Trustees Fund Services (Ireland) Limited) as planned, to Kevin Lavery, the current CEO, and MFM Capital. The business was sold, inclusive of minimum regulatory capital, for a nominal sum.

This follows regulatory approval of the sale by the Central Bank of Ireland (CBI) announced on 12 April,With the completion of the sale, the business will no longer carry the Equity Trustees brand, and is now known as Gateway Fund Services Ltd (pending approval by CBI).

The UK business, Equity Trustees Financial Services Ltd, continues with the managed exit of its regulated clients and this is expected to be substantially complete by 30 June 2024 and fully complete in the first quarter of the 2025 financial year.

The Managing Director, has authorised that this document be given to the ASX.

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane, Perth.

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane, Perth.

EQT Holdings Limited (ASX: EQT) (the Company) advises that it has inadvertently been issuing shares to its directors under a salary sacrifice share plan without obtaining security holder approval as required by ASX Listing Rule 10.14 during the period 2016 to 2024.

EQT has an employee salary sacrifice share plan (the Plan) which employees and directors can participate in, allowing individuals to voluntarily sacrifice up to $5,000 of their annual salary or directors’ fees to purchase shares in EQT. The shares are issued by EQT at market price (calculated using five-day VWAP of the relevant quarter). The Managing Director and some, but not all, of the directors have elected to participate in the Plan. The Plan is designed to align the interests of shareholders and directors and employees.

ASX Listing Rule 10.14 requires security holders to approve all grants of shares to directors of a listed company. ASX Listing Rule 10.16 provides an exception to the requirement, where shares are purchased on-market. EQT misinterpreted this exception and believed that shares issued at market price were exempt. The Company has learned that its interpretation was incorrect, and it has been in breach of Listing Rule 10.14.

EQT acknowledges the error and apologises for the breach. Following consultation with ASX, EQT is taking the following remedial actions:

1. EQT issue this ASX announcement.
2. EQT will attempt to contact former directors and request that they dispose of the securities issued in accordance with the Plan and donate to a charitable entity of their choosing the amount representing the profit (after CGT) that accrued to the former director from the disposal of those securities. We will disclose the attempts that EQT has made to contact the relevant persons to remedy the breach, and the outcome of those discussions.
3. The Managing Director will sell a number of EQT shares equal to the total number of EQT shares held by current directors, being approximately 4,921 shares (purchased at an average price of $24.83) and will donate to a charitable entity of his choosing the amount representing the profit (after CGT) that would have accrued to each current director had that director sold their shares at the relevant sale price, being in the order of $14,200 (based on an estimated sale price of $28.61 (being the closing share price on 10 April 2024).
4. EQT is currently conducting a review of the Company’s policies for ensuring compliance with the ASX Listing Rules, to ensure an error, such as the Breach, is not made again.
5. Further, Management has since undertaken a thorough review of its internal processes and implemented a revised set of controls and procedures to ensure that future issues of securities are in accordance with the ASX Listing Rules. Management has also made a commitment to regularly evaluate in-house practices as part of an ongoing review to maintain focus on corporate governance.

EQT reassures its security holders that the breach was inadvertent. EQT has been transparent in its disclosure of the shares issued under the Plan, by including details of them in its Annual Reports, and lodging Appendices 3Y – Change of Directors Interest Notices and Appendices 2A – Application for Quotation of Securities (and previously, Appendices 3B).  All shares were issued at market price and no director gained any financial advantage. The issue of shares to directors represents approximately 0.035% of EQT’s current total issued capital (on a fully diluted basis).  EQT has also obtained security holder approval for all the Managing Director’s annual long term incentive grants.

The Managing Director is proposing to re-purchase 4,921 shares following the sale referred to above, in order to maintain his current shareholding level and the alignment of his interests with the interests of shareholders.

The Board has authorised that this document be given to the ASX.

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane, Perth.

Further to the announcement on 17 October 2023 by EQT Holdings Limited (ASX:EQT) on reaching agreement to sell its investment in its Irish business (Equity Trustees Fund Services (Ireland) Limited) to Kevin Lavery and MFM Capital, the Central Bank of Ireland has now granted approval for the sale, and the transaction is expected to complete on 30 April 2024.

The UK business continues with the managed exit of its regulated clients and is expected to be substantially complete by 30 June 2024.

The Managing Director, has authorised that this document be given to the ASX.

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane, Perth.

As announced on 19 March 2024, EQT Holdings Limited (ASX:EQT), which operates under the brand name Equity Trustees, is holding an Investor Briefing today, to showcase its businesses and detail the key foundations for success of this leading professional trustee business.

A recording of the session (presentation) will be available on the Equity Trustees website (Investor Centre) following the event.

The Managing Director has authorised this release.

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane and Perth.

EQT Holdings Limited (ASX:EQT) is pleased to announce the appointment of Johanna Platt as Chief Financial Officer (CFO), effective Monday 22 July 2024.

This appointment follows the announcement on 15 December 2023, of the decision by the current Chief Financial Officer and Chief Operating Officer, Philip Gentry, to step down from the position.

The appointment of Ms Platt followed an extensive search process over several months that assessed a strong field of candidates.

Ms Platt has more than 25 years of experience working in, and leading, finance teams; she is a collaborative and commercial CFO with multi-industry sector experience and a proven track record.

She is currently the interim CFO at ISPT and responsible for the finance, procurement, insurance, tax, treasury and valuation functions of the business. Prior to this, she was the CFO for Vanguard Australia, where she led the Australian 200-person finance function and was part of the executive team governing the establishment of the Vanguard superannuation business.

Managing Director, Mick O’Brien said: “Johanna brings an exceptional suite of skills to EQT and our growing business. We warmly welcome Johanna to Equity Trustees and I look forward to working alongside her.”

The Managing Director, has authorised that this document be given to the ASX.

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane and Perth.

Briefing to be held on 11 April in Sydney

EQT Holdings Limited (ASX:EQT), which operates under the brand name Equity Trustees, will hold an Investor Briefing to showcase its businesses and detail the key foundations for success of this leading professional trustee business.

The briefing will feature discussion and presentations on the business areas that are the key drivers of revenue. The leaders of each business area will do a deep dive into multiple aspects of their business, enabling shareholders to hear directly from experts in each product and service offering.

The leaders will also explain how Equity Trustees is positioned in an evolving market and where they see opportunities for future growth and success.  

Managing Director Mick O’Brien and CFO/COO Philip Gentry will facilitate the briefing which will also include content on technology investment, a financial update, people strategy and risk management.

Registrations are essential.

Details: 8.30am - 12.45pm
Thursday 11 April 2024

Sofitel Sydney Wentworth
61-101 Phillip St, Sydney 

For more details on presenters and to register, click here.

The Managing Director has authorised this release.

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane and Perth.

Underpinned by good organic growth

• Funds under management, administration and supervision at $183.5 billion, up 18% on the prior corresponding period (PCP)
• Revenue at $83.9 million, up 37% on PCP, reflecting a six month contribution from the AET acquisition and strong organic growth
• Underlying net profit of $17.9 million, up 25% on PCP and steady compared with the second half of FY23
• Higher expenses reflect successful filling of employment vacancies to manage growth and recruitment post-Covid
• Statutory net profit up 65% at $12.6 million, incorporating AET integration and technology transformation costs and the impact of the UK/Ireland exit
• Increased dividend 51 cents per share, reflecting strong cash flow and overall business growth
• Balance sheet remains strong with low gearing and healthy levels of liquidity
• Positive outlook driven by industry tailwinds and group transformation

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced strong increases in revenue and funds under management, administration and supervision (FUMAS) for the six months ended 31 December 2023. Revenue was $83.9 million, up 8.1% on previous half and 37.3% on PCP. FUMAS increased 18.0% on PCP to $183.5 billion.

Underlying net profit was $17.9 million, up 24.8% on PCP, while statutory net profit of $12.6 million reflected costs associated with the integration of Australian Executor Trustees (AET), technology transformation and the impact of UK/Ireland exit.

The Board declared a fully franked interim dividend of 51 cents per share, up one cent on the previous half and two cents on PCP.

Board Chair Carol Schwartz AO said: “Equity Trustees continues to grow, becoming a stronger and more diversified business following our acquisition of AET and several years of significant investment in technology and people.

“Our outstanding people and new technology platforms will drive ongoing growth and position us well for the future as we settle into our position as Australia’s leading provider of trustee services.”

Managing Director Mick O’Brien said: “The year is off to an encouraging start, with strong uplifts in FUMAS and revenue across all our business lines.

“The integration of AET is proceeding well, our business organisational structure is more cohesive, and our new technology platforms are providing better service and enhanced capability to drive growth.

“Equity Trustees is transforming into a larger, dynamic and balanced business, without losing any of our expertise and values.

“While expenses were higher, this reflected inflationary pressures and our ongoing investment in people and technology, including recruitment post-Covid to fill employment vacancies. We now have historically low vacancy rates across the group, which has been important during this peak integration and development cycle.

“Expense growth is expected to moderate significantly following the integration of AET, completion of the major technology projects, exit of the UK and Ireland businesses and the settling of employment vacancy rates.

Mr O’Brien said the core businesses continued to perform well.

Corporate & Superannuation Trustee Services (CSTS), reporting for the first time as a combined entity and excluding the UK/Ireland operations, delivered revenue of $34.5 million, up 14.2 % on PCP. This reflects good organic growth across all business streams and a positive contribution from global investment markets.

Mr O’Brien said: “Notwithstanding more volatile markets and less certain economic conditions, the outlook for CSTS is favourable, supported by government-mandated superannuation, ongoing fund innovation and increasing recognition of our outsourced independent trustee model.”

Trustee & Wealth Services (TWS) delivered a significant uplift in revenue to $49.5 million, 60.6% up on PCP, driven by strong underlying organic growth across core services and a full six-month contribution from the AET acquisition.

Mr O’Brien said: “TWS is going from strength to strength, with the acquisition of AET transforming its geographic reach and breadth of services. The integration is on track and synergies remain ahead of original expectations.

“We expect traditional trustee services will continue to benefit from an ageing demographic and increasing levels of intergenerational wealth transfer.”

Mr O’Brien said the outlook for the group remained positive.

“Despite uncertain economic and global conditions our businesses remain robust and ready to drive consistent organic growth.

“Our operating cashflow generation is strong and our balance sheet remains conservative, with low gearing and good flexibility to take advantage of future opportunities.

“The investments we have made provide us with a strong competitive foundation and position us well for continued growth and a stronger more sustainable future.”

Download the ASX Announcement

________________________________________ 

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

+61 3 8623 5396 / +61 403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT) will conduct a webinar presentation by Mick O’Brien, Managing Director and Philip Gentry, Chief Financial Officer & Chief Operating Officer, for investors following the release of EQT’s Half Year Results on Thursday 22 February 2024.

Webinar: 10.30am, Thursday 22 February 2024

Register for webinar here

You have the opportunity to include a question in advance when you register, when you receive the reminder of the details by email closer to the day, or via the webinar platform during the presentation.

Access to a recording of the webcast and the slides from the presentation will be available afterwards at https://eqt.com.au/investor-centre

Mick O’Brien, Managing Director, has authorised that this document be given to the ASX.

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Adelaide, Sydney, Brisbane and Perth.

EQT Holdings Limited (ASX: EQT) (Equity Trustees) advises that its CFO/COO, Mr Philip Gentry has advised the Board of his intention to step down from his role at EQT.

Board Chair, Carol Schwartz AO, acknowledged Mr Gentry’s outstanding contribution.

“Having served as the Group’s CFO/COO for the past 8 years, Mr Gentry has played a pivotal role in helping reshape EQT” she said. “His contribution has been instrumental in our growth and success. We extend our sincere thanks and wish him all the best in his future endeavours.”

Mr Gentry will remain with EQT for the next six months to support an effective transition. Discussions regarding the possibility of an advisory role in future are taking place.

The process to appoint Mr Gentry’s successor is underway. 

 

The Managing Director has authorised that this document be given to the ASX.

 

Download the ASX Announcement

________________________________________ 

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

+61 3 8623 5396 / +61 403 172 024

akokocinski@eqt.com.au 

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

 

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and Adelaide.

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced it had reached an agreement to sell its investment in its Irish business for a nominal sum.

The business will be sold inclusive of cash held for regulatory capital purposes of €600,000 - €700,000.

In addition, a managed exit of the regulated activities conducted by the UK business has commenced, by transferring clients of the business to alternative Authorised Corporate Directors, allowing the UK business to focus on unregulated activities as Equity Trustees finalises its exit.

This follows the announcement on 14 August that it intended to exit its investment in the UK and Ireland.

The Irish business is being purchased via a management buyout led by Kevin Lavery (CEO of the Irish business) with additional investment from Irish-based MFM Capital. It is expected the transaction will be completed within the next few months subject to approval by the Central Bank of Ireland (CBI).

Equity Trustees’ Managing Director Mick O’Brien said: “While the sale price has not resulted in a premium, it will improve Equity Trustees’ profitability and earnings per share from completion.”

In its 30 June 2023 financial statements, the Group wrote-down the value of its stake in its UK and Ireland businesses. The managed exit of the UK business is not expected to complete until the end of FY24.

Mr O’Brien reiterated the commitment to the Australian market: “We remain focused on strengthening our market leading corporate trustee services business in Australia where it continues to deliver excellent value for all stakeholders.”

This announcement was authorised for release by the Managing Director.

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients, including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT) (Equity Trustees) today announced the appointment of Mr Robert Dalton, as a non-executive director to its Board.

Mr Dalton is an experienced executive with over 35 years’ experience in complex commercial and leadership roles, as well as 25 years as an Advisory and Audit Partner at Ernst & Young.

During his career he has also committed himself in a voluntary Director capacity to renowned institutions including The Victorian College of the Arts, where he was Finance Director for 10 years, and an Advisory Board Member at Monash University Accounting and Finance Faculty for 22 years. As a sportsman, he represented Victoria at the elite level in Field Hockey as a player, coach, and Chairman of the sport for over 25 years. Mr Dalton was a Director of the Richmond Football Club, from 2004 – 2019, and held roles including Deputy Chair, Chair of Audit and Risk Committee, and Chair of subsidiary, Aligned Leisure.

In 2019 Mr Dalton was appointed as the CEO of the Australian Sports Commission (ASC), Sports Australia and the Australian Institute of Sport.

Mr Dalton has strong governance, compliance and regulatory skills from his roles as a senior Audit Partner, and working in Government with policy setting and compliance, and adhering to the complexity of the ASC Act.

More about the Equity Trustees Board is available in our Investor Centre Online.

Download the ASX Announcement

________________________________________

The Managing Director has authorised that this document be given to the ASX.

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

+61 3 8623 5396 / +61 403 172 024

akokocinski@eqt.com.au 

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

 

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

Evolving to drive continuing growth

• Revenue increased 26.8% to $141 million
• Underlying net profit after tax up 19.4% to $29.1 million
• Statutory net profit of $18.8 million impacted by AET acquisition costs and other one-offs
• Funds under management, administration and supervision at $160 billion, up 7.5% on the prior year
• Final dividend 50 cents per share, making a total dividend for the year of 99 cents
• Good progress on AET integration driving strong TWS performance; increased revenue synergies target
• Combining Corporate and Super businesses to simplify and drive future growth
• Expenses higher, driven by substantial investment in people and technology
• Excellent client satisfaction and employee engagement outcomes
• Regular philanthropic giving exceeds $100 million for the first time
• Outlook positive, validating strategic focus on specialist trustee services

EQT Holdings Limited (ASX: EQT) (Equity Trustees) today announced its results for the year ending 30 June 2023. Managing Director Mick O’Brien said, “This is an excellent result that showcases our broad strength and the success of our growth strategy.

“The acquisition of Australian Executor Trustees (AET) during the year has been a great success and its integration with Trustee and Wealth Services (TWS) is proceeding well.

“This, together with another strong performance from our Super business, helped drive higher revenues.”

Equity Trustees Board Chair Carol Schwartz said, “Equity Trustees’ results confirm our focus on building expertise and capability to the highest standards, and these are increasingly valuable and in demand."

“Our strategy remains on track, driven by organic and inorganic growth and the ongoing business transformation.”

Mr O’Brien said Equity Trustees continued to invest heavily in people and technology during the period.

“This investment is positioning us well to win new clients and other opportunities that are now flowing. On client satisfaction we again produced excellent results and for employee engagement we improved on key performance measures company wide,” he said.

Revenue increased 26.8% to $141 million and underlying net profit after tax was up 19.4% to $29.1 million (including a seven month contribution from AET). Total expenses for the year were up 48.7% to $110.5 million (32.7% excluding non-recurring expenses), driven by costs associated with the acquisition and integration of AET, major technology systems replacements, the write-down of goodwill and management rights associated with the UK/Europe business, and increased employment costs from both the inflationary environment and filling a backlog of vacancies.

Stautory net profit after tax was $18.8 million, down 22.3% on the prior year, principally reflecting the significant costs outlined above.

Trustee and Wealth Services (TWS)

TWS increased revenue by 48.1% to $76 million, with strong organic growth across all aspects of the business. In another milestone, regular philanthropic granting exceeded $100 million for the first time.

Mr O’Brien said, “The AET integration continues to progress smoothly, and we believe this acquisition will deliver higher than expected revenue and capital synergies.

“Our technology investments are starting to transform the customer experience and the business remains on a strong growth trajectory.”

Superannuation Trustee Services (STS)

STS had another exceptional year, with revenue up 21% to $25.3 million, driven primarily by new appointments as trustee, a seven month contribution from the Small APRA Fund business and a strengthening industry position.

Mr O’Brien said the STS portfolio was now over $45 billion, up from $1 billion five years ago. “This extraordinary growth rate is a credit to our team and reflects how our professional trusteeship is increasingly valued in a complex world,” he said.

Corporate and Trustee Services (CTS)

A strong increase in new mandate wins at CTS was offset by the loss of some large mandates by core clients and an increase in underlying expenses. The business delivered revenue of $39.9 million, up 1.5% on FY22.

Mr O’Brien said, “To simplify our business and focus on our strategy, we have decided to combine CTS and STS under the one umbrella. This will enable us to align the operating models of the two businesses and capitalise on the strengths of each business. Their governance and financial reporting structure will not change.”

The decision was recently announced to exit the UK/Ireland businesses, due to an intensifying regulatory environment combined with pricing pressures from industry competition and consolidation.

“Equity Trustees remains strongly focused on offering corporate trustee services in Australia, where it is a market leader in an attractive and growing market, and has a long track record of creating value for stakeholders,” Mr O’Brien said.

Outlook

Mr O’Brien said, “The outlook for our business is favourable. Demand for our unconflicted model and our expertise continues to grow in an increasingly complex regulatory environment.

“Looking forward, the underlying fundamentals of the business remain strong and the outlook is positive, with solid growth in both clients and funds set to continue.”

Download the ASX Announcement

________________________________________

The Board has authorised that this document be given to the ASX.

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

+61 3 8623 5396 / +61 403 172 024

akokocinski@eqt.com.au

Scott Hinton

Vaughn Partners       

+61  419 114 057

shinton@vaughanpartners.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT) will conduct a webinar presentation by Mick O’Brien, Managing Director and Philip Gentry, Chief Financial Officer & Chief Operating Officer for investors following the release of EQT’s Full Year Results on Friday 25 August 2023.

Webinar: 10.30 am AEST
Friday 25 August 2023

Register for webinar here

You have the opportunity to include a question in advance when you register, when you receive the details by email closer to the day, or via the webinar platform during the presentation.

Access to a recording of the webinar will be emailed to all registrants after the event, and available afterwards at https://eqt.com.au/investor-centre.

 

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced its decision to exit its investment in the UK and Ireland.

Equity Trustees’ Managing Director Mick O’Brien said, “We are advanced in assessing options to determine the best exit from our investment and we are in discussions with various parties to facilitate this process.”

Equity Trustees will write off the goodwill and management rights of $2.1 million associated with this investment. Equity Trustees will also incur costs associated with the exit including continuing to fund operating losses until exit is complete.

“As advised in a market announcement on 22 June, the regulatory environment continues to intensify, structural changes are occurring in the market and competition has increased significantly, leading to increased costs and pricing pressures that require continued investment,” Mr O’Brien said.

“This is a prudent move for Equity Trustees to ensure its capital is invested across the group where we believe it can generate the greatest shareholder value.

“Equity Trustees remains strongly focused on offering corporate trustee services in Australia, where it is a market leader and has a long track record of creating value for stakeholders.

“We intend to manage our exit in an orderly and considered manner for the benefit of all stakeholders, and we will liaise closely with market participants, clients, regulators and employees to keep them informed.”

This announcement was authorised for release by the Managing Director.

Download the full media release

 

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Scott Hinton

Vaughan Partners

0419114057

shinton@vaughanpartners.com.au

Investors

Mick O’Brien                                             

Managing Director                                   

+61 3 8623 5202                                       

mobrien@eqt.com.au                              

Phillip Gentry

Chief Financial Officer and Chief Operating Officer

+61 3 8623 5372

pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and Adelaide.

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today confirmed it is reviewing its investment in the UK and Ireland and exploring options for the future of the businesses.  

Equity Trustees’ Managing Director Mick O’Brien said, “While the businesses are now well established with valuable licences, great teams and a solid foundation of clients, the regulatory environment continues to intensify and competition has increased significantly, leading to increased costs and pricing pressures and requiring further investment.”

It was reported in the media yesterday that Equity Trustees was having discussions with Apex Fund Services in respect of its UK business.  Equity Trustees confirmed that it was not currently in discussions with Apex, and that the speculated value has no basis.

“We are reviewing all our strategic options, however no decision has been made and we will keep the market informed in accordance with our continuous disclosure obligations,” Mr O’Brien said.

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Scott Hinton

Vaughan Partners

0419114057

shinton@vaughanpartners.com.au

Investors

Mick O’Brien                                             

Managing Director                                   

+61 3 8623 5202                                       

mobrien@eqt.com.au                              

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London..

Underpinned by good organic growth

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT) will conduct a webinar presentation by Mick O’Brien, Managing Director and Philip Gentry, Chief Financial Officer & Chief Operating Officer, for investors following the release of EQT’s Half Year Results.

Webinar: 10.30am, Thursday 23 February 2023

Those intending to join the webinar must register here.

You will have an opportunity to ask questions in advance when you register or during the webinar on the day.

Access to a recording of the webcast and the slides from the presentation will be available afterwards at https://eqt.com.au/investor-centre

Mick O’Brien, Managing Director, has authorised that this document be given to the ASX.

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients, including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT) (Equity Trustees), today announced it had completed the acquisition of Australian Executor Trustees Limited (AET) from SFG Australia Limited, a wholly owned subsidiary of Insignia Financial Limited (ASX:IFL) (Insignia).

AET is a well-recognised provider of professional private client trustee services in Australia, with more than 140 years of experience in providing specialised estate and trustee services., including native title, compensation and charitable trusts, and wills and estates.

Equity Trustees’ Chair Carol Schwartz said, “This cements our place as a leader in the broadest range of trustee services in Australia.

“Equity Trustees is going from strength to strength by remaining focussed on trusteeship, as we have done for the past 130 years and will continue to do.”

Equity Trustees’ Managing Director Mick O’Brien said the acquisition was transformative and would deliver benefits to all our stakeholders.

“This acquisition strengthens Equity Trustees’ ability to serve clients better, provides more opportunities for staff and boosts our investment in products and technology,” he said.

“It provides us with increased scale and geographic spread across Australia, particularly in Adelaide where AET has a long and prominent history which we will respect as we bring together these two great, specialist heritage brands.

“We also look forward to building a closer relationship with the Insignia group as we each focus on our specialist capabilities and aim to create mutual value for our respective clients through the development of our strategic alliance.”

The acquisition has been funded through a combination of debt and equity, including $125 million from an equity raising (completed in September) and the establishment of a new $40 million debt facility.

Download the full media release

Mick O’Brien, Managing Director, has authorised that this document be given to the ASX.

Further information

Media

Alicia Kokocinski                                                     Scott Hinton

GM - Marketing & Communications                              Vaughan Partners

03 8623 5396 / 0403 172 024                                           0419 114 057

akokocinski@eqt.com.au                                              shinton@vaughanpartners.com.au

Investors

Mick O’Brien                                                          Philip Gentry

Managing Director                                                         Chief Financial Officer and Chief Operating Officer

+61 3 8623 5201                                                           +61 3 8623 5372

mobrien@eqt.com.au                                                    pgentry@eqt.com.au

 

About Equity Trustees

Equity Trustees (ASX: EQT) was established in 1888 to provide independent and impartial trustee and executor services to help families throughout Australia protect their wealth. This history of service now dates back to 1878 through the acquisition in 2014 of ANZ Trustees - originally Trustees Executors & Agency Company Limited and Australia’s first trustee company. As Australia’s leading specialist trustee company, Equity Trustees offers a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, listed on the Australian Securities Exchange (ASX: EQT) with offices across Australia and in London and Dublin.

Attached is a copy of the addresses to be given by the Chair and the Managing Director and the presentation for the EQT Holdings Limited’s (EQT) Annual General Meeting today.

The Managing Director has authorised that this document be given to the ASX.

Download the 2022 AGM Presentation

________________________________________

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients, including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

The 2022 Annual General Meeting of shareholders of EQT Holdings Limited (Company) is to be held at 11:00am (AEDT) on Thursday, 20 October 2022 at Level 1, 575 Bourke Street, Melbourne, Victoria.

Read the full ASX Announcement and details of EQT Holdings 2022 Notice of Annual General Meeting

Visit our Investor Centre and read our 2022 Annual Report 

Not for release or distribution in the United States

Monday12 September 2022 

EQT Holdings Limited (ASX: EQT) (“Equity Trustees”) is pleased to announce the successful completion of the retail component of its fully underwritten, 1 for 6 pro-rata accelerated non-renounceable entitlement offer (“Retail Entitlement Offer”) of new fully paid ordinary shares (“New Shares”) in Equity Trustees, details of which were announced on Monday, 29 August 2022.

The Retail Entitlement Offer closed at 5.00pm (Melbourne time) on Wednesday, 7 September 2022 and raised $35 million. New Shares issued under the Retail Entitlement Offer will rank equally with all existing fully paid ordinary EQT shares on issue and will be entitled to the EQT final FY22 dividend of 49 cents per share, payable on Monday, 10 October 2022. The total amount raised under the placement and entitlement offer (together, “the Offer”) is $125 million.

The Retail Entitlement Offer saw strong support. A total of 1,331 valid applications for retail entitlements were received for ~0.8 million New Shares equating to $20 million, representing a take-up rate by eligible retail shareholders of 57%. In addition, applications accepted under the retail oversubscription facility totalled $3 million, increasing the total take-up from eligible retail shareholders to $23 million (representing a total take-up rate by eligible retail shareholders of 65%).

The ~0.5 million New Shares that were not taken up under the Retail Entitlement Offer will be allotted to sub-underwriters of the Retail Entitlement Offer.

Approximately 1.5 million New Shares to be issued under the Retail Entitlement Offer are expected to be allotted on Wednesday, 14 September 2022 and will trade on the ASX on a normal settlement basis on Thursday, 15 September 2022. New Shares issued under the Retail Entitlement Offer will rank equally with existing Equity Trustee shares as at their date of issue.  Holding statements are expected to be despatched on Friday, 16 September 2022.

(All dollar amounts rounded to nearest million)

Investor Enquires

The Retail Entitlement Offer opened on Monday, 29 August 2022 and closed at 5.00pm (Melbourne time) on Wednesday, 7 September 2022.

Further information regarding the Retail Entitlement Offer is contained in the investor presentation released to the ASX on Monday, 22 August 2022 and the Retail Offer Booklet released to the ASX on Monday, 29 August 2022.

 

Mick O’Brien, Managing Director, has authorised that this document be given to the ASX.

Download the full media release

Further information

Media

Alicia Kokocinski                                                     Scott Hinton

GM - Marketing & Communications                              Vaughan Partners

03 8623 5396 / 0403 172 024                                           0419 114 057

akokocinski@eqt.com.au                                               shinton@vaughanpartners.com.au

Investors

Mick O’Brien                                                          Philip Gentry

Managing Director                                                         Chief Financial Officer and Chief Operating Officer

+61 3 8623 5201                                                           +61 3 8623 5372

mobrien@eqt.com.au                                                    pgentry@eqt.com.au

 

About Equity Trustees

Equity Trustees (ASX: EQT) was established in 1888 to provide independent and impartial trustee and executor services to help families throughout Australia protect their wealth. This history of service now dates back to 1878 through the acquisition in 2014 of ANZ Trustees - originally Trustees Executors & Agency Company Limited and Australia’s first trustee company. As Australia’s leading specialist trustee company, Equity Trustees offers a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, listed on the Australian Securities Exchange (ASX: EQT) with offices across Australia and in London and Dublin.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be registered, under the US Securities Act of 1993, as amended (the “Securities Act”) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the Securities Act and applicable US state securities laws. 

This announcement contains certain “forward-looking statements”. The words “expect”, “anticipate”, “estimate”, “intend”, “believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this announcement are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties and other factors that are beyond the control of EQT, its directors and management. This includes statements about market and industry trends, which are based on interpretations of current market conditions.

You are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the ongoing impact of COVID-19 as well as the military conflict in Ukraine. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. These statements may assume the success of EQT’s business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the ongoing impact of COVID-19 as well as the military conflict in Ukraine, and except as required by law or regulation, none of EQT, its representatives or advisers assumes any obligation to update these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this announcement. The forward-looking statements are based on information available to EQT as at the date of this announcement. Except as required by law or regulation (including the ASX Listing Rules), none of EQT, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements.

The information in this announcement is in summary form and does not contain all the information necessary to fully evaluate the transaction or investment. It should be read in conjunction with EQT’s other periodic and continuous disclosure announcements lodged with the ASX. The announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and does not form the basis of any contract or commitment. All persons should consider seeking appropriate professional advice in reviewing this announcement.

EQT Holdings Limited (ASX:EQT, Equity Trustees) confirms that the retail offer booklet (Retail Offer Booklet) accompanied by a personalised entitlement and acceptance form in connection with its previously announced fully underwritten accelerated non-renounceable entitlement offer (Entitlement Offer), details of which were announced on Monday, 22 August 2022, will be despatched to eligible retail shareholders today. 

A letter to ineligible retail shareholders notifying them of the Entitlement Offer and their ineligibility to participate will also be despatched today. 

Copies of the Retail Offer Booklet and the letter to ineligible retail shareholders are attached to this announcement.
 

Retail Entitlement Offer

The retail component of the Entitlement Offer (Retail Entitlement Offer) opens today, Monday, 29 August 2022, and is expected to close at 5.00pm (AEST) on Wednesday, 7 September 2022 (Retail Entitlement Offer Period). 

Application monies must be received prior to this time, in accordance with the Retail Offer Booklet and the personalised entitlement and acceptance form.
 

Shareholder enquires

Eligible retail shareholders are encouraged to carefully read the Retail Offer Booklet for further details relating to the Retail Entitlement Offer. 

Shareholders with questions in relation to the Retail Entitlement Offer may contact the EQT Offer Information Line on 1800 830 977 (within and outside Australia) between 8.30am and 5.30pm (AEST) Monday to Friday during the Retail Entitlement Offer Period. If you have any further questions, you should contact your stockbroker, solicitor, accountant or other professional adviser.

 

Yours sincerely 

Samantha Einhart
Company Secretary

 

Download the ASX Announcement

EQT Holdings Limited - Retail Offer Booklet

EQT - Letter to ineligible shareholders

________________________________________

About EQT

Equity Trustees was established in 1888 to provide independent and impartial trustee and executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, Equity Trustees offers a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, listed on the Australian Securities Exchange (ASX: EQT) with offices across Australia and in London and Dublin.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

This announcement is not financial product advice and has not taken into account your objectives, financial situation or needs. This announcement has been prepared for release in Australia. This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or in any jurisdiction in which such an offer would be illegal. The New Shares have not been, nor will be, registered under the U.S. Securities Act of 1933 (the “Securities Act”) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the New Shares may not be offered or sold, directly or indirectly, to any person in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable U.S. state securities laws.

Not for release or distribution in the United States

Tuesday 23 August 2022 

EQT Holdings Limited (ASX: EQT) (“Equity Trustees”) today announced the successful completion of its fully underwritten institutional placement (“Placement”) and the accelerated institutional component (“Institutional Entitlement Offer”) of its 1 for 6 accelerated pro-rata non-renounceable entitlement offer (“Entitlement Offer”) of new fully paid ordinary shares (“New Shares”), announced on Monday 22 August 2022 (the Placement and Entitlement Offer collectively, the “Equity Raising”).

The Placement and Institutional Entitlement Offer raised approximately $90 million. The retail component of the entitlement offer (“Retail Entitlement Offer”), which is also fully underwritten, is expected to raise approximately $35 million, taking the expected total size of the Equity Raising to approximately $125 million. New Shares issued under the Equity Raising will rank equally with all existing fully paid ordinary Equity Trustees shares on issue (“Existing Shares”) and will be entitled to Equity Trustees’ final FY22 dividend of 49 cents per share, payable on Monday 10 October 2022.

As announced on Monday 22 August 2022, the proceeds from the Equity Raising will be put towards funding the acquisition of Australian Executor Trustees Limited (“AET”) for total cash consideration of $135 million, as well as associated transaction costs and integration costs.

Completion of the Placement and the Institutional Entitlement Offer

The Placement raised approximately $40 million at the offer price of $24.00 per share (“Offer Price”), with significant demand received from both existing and new shareholders, resulting in approximately 1.7 million New Shares to be issued.

Under the Institutional Entitlement Offer, Equity Trustees has agreed to issue approximately 2.1 million New Shares to raise approximately $49 million at the Offer Price. The Institutional Entitlement Offer was strongly supported by eligible institutional shareholders, with a take-up rate of approximately 99% from eligible institutional shareholders.

Settlement of the New Shares issued as part of the Institutional Entitlement Offer and Placement is expected to occur on Wednesday 31 August 2022, with the issue of those New Shares to occur and ordinary trading to commence on Thursday 1 September 2022.

Commencement of the Retail Entitlement Offer

The Retail Entitlement Offer will open on Monday 29 August 2022 and is expected to close at 5.00pm (Melbourne time) on Wednesday 7 September 2022. The terms of the Retail Entitlement Offer are the same as the terms of the Institutional Entitlement Offer with eligible retail shareholders having the opportunity to subscribe for 1 New Share for every 6 Existing Shares held at 7.00pm (Melbourne time) on Wednesday 24 August 2022 (“Record Date”), at the Offer Price of $24.00 per New Share.

The Retail Entitlement Offer will be open to eligible retail shareholders who, as at the Record Date:

• are registered as a holder of Existing Shares;
• have an address on Equity Trustees’ share register in Australia or New Zealand;
• are not in the United States and are not acting for the account or benefit of a person in the United States;
• are not an eligible institutional shareholder and were note treated as an ineligible institutional shareholder under the Institutional Entitlement Offer; and
• are eligible under all applicable securities laws to receive an offer under the Retail Entitlement Offer.

Under the Retail Entitlement Offer, eligible retail shareholders that take up their full entitlement may also apply for additional New Shares in excess of their entitlement, up to an additional 50% of their entitlement at the Offer Price (“Oversubscription Facility”).

Additional New Shares will only be available under the Oversubscription Facility if available and subject to the Corporations Act, Listing Rules and other applicable laws and regulations. Applications under the Oversubscription Facility will be subject to scale-back if eligible retail shareholders apply for more additional New Shares than available under the Oversubscription Facility. There is no guarantee that eligible retail shareholders will receive the number of additional New Shares applied for under the Oversubscription Facility, which will be allocated in accordance with the allocation policy outlined in the retail offer booklet (“Retail Offer Booklet”), which is expected to be lodged with the ASX and dispatched to eligible retail shareholders on Monday 29 August 2022.

Application forms and payments are due by no later than 5.00pm (Melbourne time) on Wednesday 7 September 2022. Full details of the Retail Entitlement Offer will be set out in the Retail Offer Booklet and the accompanying Entitlement and Acceptance Form. Eligible retail shareholders wishing to participate in the Retail Entitlement Offer should carefully read the Retail Offer Booklet and their Entitlement and Acceptance Form. Copies of the Retail Offer Booklet will also be available on Monday 29 August 2022 on the ASX website at www.asx.com.au and Equity Trustees’ website at www.eqt.com.au.

Recommencement of trading

Existing Shares are expected to resume trading on the ASX today.

Key dates

EVENT	DATE
Announcement of results of Placement and Institutional Entitlement Offer	Tuesday 23 August 2022
Equity Trustees' shares recommence trading	Tuesday 23 August 2022
Entitlement Offer Record Date (7.00pm Melbourne time)	7.00pm Wednesday, 24 August 2022
Retail Entitlement Offer Booklet and Entitlement and Acceptance Forms dispatched to Eligible Retail Shareholders	Monday 29 August 2022
Retail Entitlement Offer opens	Monday 29 August 2022
Settlement of New Shares issued under Institutional Entitlement Offer and Placement	Wednesday 31 August 2022
Allotment and commencement of trading of New Shares issued under the Institutional Entitlement Offer and Placement	Thursday 1 September 2022
Retail Entitlement Offer closes (5.00pm Melbourne time)	5.00pm Wednesday 7 September 2022
Settlement of New Shares issued under the Retail Entitlement Offer	Tuesday 13 September 2022
Allotment of New Shares issued under the Retail Entitlement Offer	Wednesday 14 September 2022
Commencement of trading of New Shares issued under the Retail Entitlement Offer	Thursday 15 September 2022
Final dividend ex-date	Thursday 15 September 2022
Final dividend record date	Friday 16 September 2022
Last election date for Dividend Reinvestment Plan	Monday 19 September 2022
Final dividend payment date	Monday 10 October 2022

Note: The above timetable is indicative only and subject to change without notice. All dates and times are Melbourne time.

Additional Information

Further details of the Equity Raising are set out in the ASX announcement and Investor Presentation provided to ASX on Monday 22 August 2022 (“Investor Presentation”). The Investor Presentation contains important information including key risks and foreign selling restrictions with respect to the Equity Raising.

Shareholders can access further information through the EQT Offer Information Line on 1800 830 977, Monday to Friday from 8.30am to 5.30pm (Melbourne time).

Advisers

Greenhill & Co is acting as financial adviser and Herbert Smith Freehills as legal adviser to Equity Trustees on the acquisition and Equity Raising. Barrenjoey Markets Pty Limited and Ord Minnett Limited are acting as joint lead managers and joint underwriters to the Equity Raising, and Wilsons Corporate Finance Limited is acting as co-lead manager to the Equity Raising.

 

Mick O’Brien, Managing Director, has authorised that this document be given to the ASX.

Download the full media release

Further information

Media

Alicia Kokocinski                                                     Scott Hinton

GM - Marketing & Communications                              Vaughan Partners

03 8623 5396 / 0403 172 024                                           0419 114 057

akokocinski@eqt.com.au                                               shinton@vaughanpartners.com.au

Investors

Mick O’Brien                                                          Philip Gentry

Managing Director                                                         Chief Financial Officer and Chief Operating Officer

+61 3 8623 5201                                                           +61 3 8623 5372

mobrien@eqt.com.au                                                    pgentry@eqt.com.au

 

About Equity Trustees

Equity Trustees (ASX: EQT) was established in 1888 to provide independent and impartial trustee and executor services to help families throughout Australia protect their wealth. This history of service now dates back to 1878 through the acquisition in 2014 of ANZ Trustees - originally Trustees Executors & Agency Company Limited and Australia’s first trustee company. As Australia’s leading specialist trustee company, Equity Trustees offers a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, listed on the Australian Securities Exchange (ASX: EQT) with offices across Australia and in London and Dublin.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be registered, under the US Securities Act of 1993, as amended (the “Securities Act”) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the Securities Act and applicable US state securities laws. 

This announcement contains certain “forward-looking statements”. The words “expect”, “anticipate”, “estimate”, “intend”, “believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this announcement are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties and other factors that are beyond the control of EQT, its directors and management. This includes statements about market and industry trends, which are based on interpretations of current market conditions.

You are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the ongoing impact of COVID-19 as well as the military conflict in Ukraine. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. These statements may assume the success of EQT’s business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the ongoing impact of COVID-19 as well as the military conflict in Ukraine, and except as required by law or regulation, none of EQT, its representatives or advisers assumes any obligation to update these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this announcement. The forward-looking statements are based on information available to EQT as at the date of this announcement. Except as required by law or regulation (including the ASX Listing Rules), none of EQT, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements.

The information in this announcement is in summary form and does not contain all the information necessary to fully evaluate the transaction or investment. It should be read in conjunction with EQT’s other periodic and continuous disclosure announcements lodged with the ASX. The announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and does not form the basis of any contract or commitment. All persons should consider seeking appropriate professional advice in reviewing this announcement.

Not for release or distribution in the United States

Monday 22 August 2022

A transformative acquisition with compelling strategic and economic rationale

Highlights

• EQT Holdings Limited (“EQT”) to acquire Australian Executor Trustees Limited (“AET”) for total cash consideration of $135 million
• To be funded through a $125 million fully underwritten equity raising and new debt facility
• Strategically and financially compelling acquisition that delivers significant growth for EQT
• Complements EQT’s TWS private client business, adding scale, expertise and geographic spread
• Adds $5.4 billion[1] in FUMAS, boosts overall revenue and EBITDA by more than a third[2], and expected to be earnings accretive[3]
• Synergies expected from restructure of platform service business and additional investment revenues in relation to the Trustee Services business
• Balance sheet remains strong, retaining flexibility for the future

EQT Holdings Limited (ASX: EQT) (“Equity Trustees”) today announced it would acquire AET from SFG Australia Limited, a wholly owned subsidiary of Insignia Financial Limited (ASX:IFL) (“Insignia”) for total cash consideration of $135 million.

The acquisition will be funded through a combination of debt and equity, including $125 million from an equity raising, comprising a $40.4 million institutional placement and a $84.6 million 1 for 6 accelerated pro-rata non-renounceable entitlement offer (“Equity Raising”), and $40 million from the drawdown of an additional debt facility with Australia and New Zealand Banking Group Limited (“ANZ”).

EQT’s Chair Carol Schwartz said, “This is a transformative acquisition that enhances Equity Trustees’ capability in private client trustee services while growing shareholder value.”

EQT’s Managing Director Mick O’Brien said, “AET is a strong strategic fit with Equity Trustees. The business is highly complementary and provides geographic diversity, establishing a presence in Adelaide and significantly increasing our presence in Western Australia, as well as expanding our presence in Queensland and New South Wales.

“The acquisition delivers significant growth for Equity Trustees adding $5.4 billion in FUMAS[4] and boosting our overall revenue and EBITDA by more than a third[5], and it is expected to be earnings accretive[6].

“It adds scale to our Trustee and Wealth Services (“TWS”) private client offering, particularly in our Indigenous and health and personal injury businesses, and supports our ongoing commitment to investment in products, services and technology.”

Overview of AET

AET is a well recognised provider of professional private client trustee services in Australia, with more than 140 years of experience in providing specialised estate and trustee services.

In FY22 AET oversaw more than $6.9 billion in Funds Under Management, Administration, Advice and Supervision (“FUMAS”)^[7]. On a standalone basis, in FY22 AET generated revenue of $38.1 million.

The business offers a comprehensive range of services across Australia through two divisions – Trustee Services and Platform Services. EQT’s primary focus is the Trustee Services division. Platform Services comprise AET’s Self-Managed Super Funds (“SMSF”) and Portfolio Management Services (“PMS”), which EQT intends to exit. EQT intends to retain the client management and trustee role for Small APRA Funds (“SAF”) (together, the “Platform Services Restructure”).

Acquisition Strategic and Economic Rationale

The acquisition has compelling strategic and economic rationale for EQT.

Delivers significant growth for the group

• Adds $5.4 billion of TWS Private Client FUMAS (post Platform Services Restructure)
• Boosts overall revenue by 35% and EBITDA (proforma) by 41% in FY22 including Net Synergy Potential^[8]
• EPS accretive – expected to generate mid to high single digit EPS accretion in FY24 on a pro-forma basis^[9] and double digit accretion when Additional Investment Revenue in relation to the Trustee Services business of $3.3 million is included
• Access to synergies - Platform Services Restructure is expected to produce a net EBITDA benefit of ~$3.5 million p.a. (on a fully realised basis) and significantly reduce operational complexity from the exit of PMS and SMSF businesses. There is also an opportunity to generate Additional Investment Revenues in relation to the Trustee Services business from internally managing some investments (where in the best interest of clients); expected to generate $3.3 million of additional revenue and EBITDA in FY24, with some potential for this to increase in subsequent years (“Additional Investment Revenue”) (collectively, “Net Synergy Potential”)

  Complements EQT’s TWS private client business

• Strengthens EQT’s TWS private client business by establishing a presence in South Australia and bolstering its presence in Western Australia, NSW and Queensland, as well as adding scale to the existing private trustee service offerings
• Access to a number of experienced private client staff with deep technical experience to support client service delivery
• Increased scale will support investment in products, services, technology and operational systems to enhance the experience for both EQT and AET clients and employees

  Enduring revenues and balance sheet strength

• A material proportion of the revenue acquired is enduring and long-term in nature
• The combination of new equity and debt will ensure that EQT’s balance sheet strength and flexibility are maintained

Strategic Alliance Agreement

EQT and Insignia have entered into a strategic alliance agreement which will enable each party to leverage their best of breed products and services. It is envisaged that the combined scale of the two entities will allow EQT and Insignia to reach a broader set of clients with a broader product offering. As part of the agreement, EQT intends to support existing adviser relations within Insignia.

Acquisition Detail

EQT is acquiring AET from SFG Australia Limited, a wholly owned subsidiary of Insignia Financial Limited, for total cash consideration of $135 million, subject to certain conditions, approvals and adjustments.

The purchase price represents an implied acquisition multiple of ~12.0x FY23 Standalone EBITDA of $11.2 million^[10] and ~9.1x FY23 pro-forma EBITDA^[11], assuming fully realised synergies from the Platform Services Restructure but excluding Additional Investment Revenues in relation to the Trustee Services business.

The acquisition is targeted to close at the end of November 2022, subject to Ministerial approval to acquire AET’s trustee licence.

Acquisition Funding

The total purchase consideration of $135 million (subject to completion adjustment), $8 million in estimated transaction costs and $22 million in estimated integration costs will be funded via a combination of proceeds from an Equity Raising and an additional debt facility of $40 million.[12]

The $125m Equity Raising is fully underwritten and comprises a:

• ~$40.4 million institutional placement to new and existing investors; and
• ~$84.6 million 1 for 6 accelerated pro-rata non-renounceable entitlement offer

The Equity Raising will be conducted at a fixed price of $24.00 per new share (“Offer Price”), representing a:  

• 5.7% discount to the last close of $25.46 as at Thursday, 18 August 2022
• 4.7% discount to the theoretical ex-rights price (“TERP”)[13] of $25.17 as at Thursday, 18 August 2022

Debt Facility

ANZ has provided EQT with a binding commitment, subject to finalising documentation for a $40 million additional debt facility^[14] which will be utilised to partially fund the acquisition.

EQT will have sufficient headroom to operate the business in the normal course post acquisition and equity raise, as it will continue to have at least $30 million of debt headroom in its existing debt facility limits, post-acquisition. The Leverage Ratio following completion of the acquisition and equity raise will remain conservative at 0.8x EBITDA on a pro-forma FY22 basis. Additionally, AET is fully capitalised with respect to regulatory capital, with sufficient regulatory capital to be transferred with AET as part of the acquisition. Overall, the conservative debt funded component provides future flexibility for EQT.

Details of Equity Raising

The placement and entitlement offer will result in ~5.2 million new fully paid ordinary shares being issued (“New Shares”), representing ~24.7% of EQT’s existing issued capital. New Shares issued under the Equity Raising will rank equally with all existing fully paid ordinary EQT shares on issue and will be entitled to the EQT final FY22 dividend of 49 cents per share, payable on Monday, 10 October 2022.

Placement

The fully underwritten placement of ~$40.4 million will be offered to sophisticated and institutional investors in Australia and certain overseas jurisdictions at the Offer Price. The placement is being conducted today, Monday 22 August 2022. ~1.7 million New Shares will be issued as part of the placement, representing ~8.0% of EQT’s existing issued capital.

Entitlement Offer

The fully underwritten Entitlement Offer of ~$84.6 million will consist of a 1 for 6 accelerated pro-rata non-renounceable entitlement offer.

The Entitlement Offer is non-renounceable, and entitlements will not be tradeable on the ASX or be otherwise transferable. Eligible shareholders who do not take up their full entitlement under the Entitlement Offer will not receive any value in respect of those entitlements not taken up. Eligible retail shareholders that take up their full entitlement may also apply for additional New Shares in excess of their entitlement (subject to scale-back, at EQT’s discretion).

Institutional Entitlement Offer

Eligible institutional shareholders will be invited to participate in the Institutional Entitlement Offer which will take place today, Monday 22 August 2022. Eligible institutional shareholders may opt to take up all, part or none of their entitlement. Institutional entitlements that eligible institutional shareholders do not take up by the close of the Institutional Entitlement Offer, and institutional entitlements that would otherwise have been offered to ineligible institutional shareholders, will be offered to eligible institutional investors.

Retail Entitlement Offer

Eligible retail shareholders with an address on the EQT share register in Australia or New Zealand as at 7.00pm on Wednesday, 24 August 2022 will be invited to participate in the Retail Entitlement Offer at the same Offer Price and offer ratio as under the Institutional Entitlement Offer.

Eligible retail shareholders will be sent an information booklet (“Retail Offer Booklet”) including a personalised entitlement and acceptance form on Monday, 29 August 2022. The Retail Offer Booklet will provide the details of how to participate in the Retail Entitlement Offer. A copy of the Retail Offer Booklet will also be lodged with the ASX on Monday, 29 August 2022. Eligible retail shareholders may opt to take up all, part or none of their entitlement.

In addition to each eligible retail shareholder’s entitlement under the Retail Entitlement Offer, eligible shareholders will be offered the opportunity to apply for additional New Shares (up to 50% of their entitlement and subject to scale-back, at EQT’s discretion) under the oversubscription facility.

Advisers

Greenhill & Co is acting as financial adviser and Herbert Smith Freehills as legal adviser to EQT on the acquisition and Equity Raising. Barrenjoey Markets Pty Limited and Ord Minnett Limited are acting as joint lead managers and joint underwriters to the Equity Raising, and Wilsons Corporate Finance Limited is acting as co-lead manager.

 

Key dates

EVENT	DATE
Trading Halt	Friday 19 August 2022
Announcement of acquisition and Equity Raising	Monday 22 August 2022
Placement and Institutional Entitlement Offer opens	Monday 22 August 2022
Placement and Institutional Entitlement Offer closes	Monday 22 August 2022
Announcement of results of Placement and Institutional Entitlement Offer	Tuesday 23 August 2022
EQT shares recommence trading	Tuesday 23 August 2022
Entitlement Offer Record Date (7.00pm Melbourne time)	7.00pm Wednesday, 24 August 2022
Retail Entitlement Offer Booklet and Entitlement and Acceptance Forms dispatched to Eligible Retail Shareholders	Monday 29 August 2022
Retail Entitlement Offer opens	Monday 29 August 2022
Settlement of New Shares issued under Institutional Entitlement Offer and Placement	Wednesday 31 August 2022
Allotment and commencement of trading of New Shares issued under the Institutional Entitlement Offer and Placement	Thursday 1 September 2022
Retail Entitlement Offer closes (5.00pm Melbourne time)	5.00pm Wednesday 7 September 2022
Settlement of New Shares issued under the Retail Entitlement Offer	Tuesday 13 September 2022
Allotment of New Shares issued under the Retail Entitlement Offer	Wednesday 14 September 2022
Commencement of trading of New Shares issued under the Retail Entitlement Offer	Thursday 15 September 2022
Final dividend ex-date	Thursday 15 September 2022
Final dividend record date	Friday 16 September 2022
Last election date for Dividend Reinvestment Plan	Monday 19 September 2022
Final dividend payment date	Monday 10 October 2022

Note: The above timetable is indicative only and subject to change without notice. All dates and times are Melbourne time.

Additional Information

Further details of the acquisition and Equity Raising, including applicable dates are set out in the accompanying investor presentation also provided to the ASX today. The investor presentation contains important information including key risks and international offer restrictions with respect to the Entitlement Offer and Placement.

Investor Call / Webinar

A briefing will take place via webinar today (Monday, 22 August 2022) at 10.30am (Melbourne time).  The webinar details are the same as for EQT’s full year results release.

Register for the webinar here

We recommend participants pre-register 5 - 10 minutes prior to the webinar. Participants must pre-register for the call at the link above. Following registration, you will receive a calendar invite and a unique code which is to be quoted when dialing into the call. To ask a question, participants will need to dial “*1” (star, 1) on a telephone keypad.

 

The Board has authorised that this document be given to the ASX.

Download the full media release

Further information

Media

Alicia Kokocinski                                                     Scott Hinton

GM - Marketing & Communications                                     Vaughan Partners

03 8623 5396 / 0403 172 024                                                0419 114 057

akokocinski@eqt.com.au                                                         shinton@vaughanpartners.com.au

Investors

Mick O’Brien                                                          Philip Gentry

Managing Director                                                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5201                                                                      +61 3 8623 5372

mobrien@eqt.com.au                                                              pgentry@eqt.com.au

 

About Equity Trustees

Equity Trustees (ASX: EQT) was established in 1888 to provide independent and impartial trustee and executor services to help families throughout Australia protect their wealth. This history of service now dates back to 1878 through the acquisition in 2014 of ANZ Trustees - originally Trustees Executors & Agency Company Limited and Australia’s first trustee company. As Australia’s leading specialist trustee company, Equity Trustees offers a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, listed on the Australian Securities Exchange (ASX: EQT) with offices across Australia and in London and Dublin.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be registered, under the US Securities Act of 1993, as amended (the “Securities Act”) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the Securities Act and applicable US state securities laws. 

This announcement contains certain “forward-looking statements”. The words “expect”, “anticipate”, “estimate”, “intend”, “believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this announcement are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties and other factors that are beyond the control of EQT, its directors and management. This includes statements about market and industry trends, which are based on interpretations of current market conditions.

You are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the ongoing impact of COVID-19 as well as the military conflict in Ukraine. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. These statements may assume the success of EQT’s business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the ongoing impact of COVID-19 as well as the military conflict in Ukraine, and except as required by law or regulation, none of EQT, its representatives or advisers assumes any obligation to update these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this announcement. The forward-looking statements are based on information available to EQT as at the date of this announcement. Except as required by law or regulation (including the ASX Listing Rules), none of EQT, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements.

The information in this announcement is in summary form and does not contain all the information necessary to fully evaluate the transaction or investment. It should be read in conjunction with EQT’s other periodic and continuous disclosure announcements lodged with the ASX. The announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and does not form the basis of any contract or commitment. All persons should consider seeking appropriate professional advice in reviewing this announcement.

Good organic growth in all businesses

• Funds under management, administration and supervision at $148.9 billion, up 3.3% on the prior year
• Revenue increased 10.4% to $112 million
• Net profit after tax up 12.5% to $24 million
• Earnings per share increased 11.7% to 115 cents
• Final dividend 49 cents per share, making a total dividend for the year of 97 cents
• Strong organic growth in all three businesses
• Expenses stable, with substantial ongoing investment in people and technology
• Further significant improvement in client satisfaction and employee engagement
• Outlook positive, validating strategic focus on specialist trustee services

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced strong growth in revenue, net profit and funds under management, administration and supervision (FUMAS) for the year ended 30 June 2022.

Net profit after tax increased 12.5% on the prior year to $24 million, on revenue of $112 million, up 10.4%. FUMAS reached $148.9 billion, up 3.3%

A fully franked final dividend of 49 cents per share has been declared, bringing the total dividends for the year to 97 cents, compared with 91 cents last year.

Equity Trustees Board Chair Carol Schwartz said: “This is an outstanding performance, achieved in an environment that continues to be impacted by the ongoing effects of Covid-19 and substantial market volatility. Equity Trustees has now delivered higher dividends in five of the last six years, after maintaining the dividend in the 2020 Covid-impacted year.

“The result is a credit to our people and validates our strategy of focusing on specialist trustee services.”

Equity Trustees Managing Director Mick O’Brien said it was a rewarding outcome.

“All three business units reported strong growth, reflecting the benefits of ongoing capability investment and setting the Group up to capture opportunities as they arise,” he said.

“To achieve such strong financial growth while continuing to improve our staff and client engagement demonstrates a strong all-round performance, delivering on every level for shareholders, clients and employees.

“On a longer-term basis this equates to a compound annual growth rate in net profit after tax of 9.4% over the past five years, and the outlook remains positive.”

Total expenses for the year were up 5.1% on FY21 to $74 million. The primary drivers were the Group’s continuing, substantial investment in people and technology.

Mr O’Brien said: “As FUMAS continues to increase, this investment will ensure the Group has the capability to sustainably manage the new clients and pipeline of opportunities that will flow from it.”

Corporate Trustee Services had an exceptional year, with revenue up 17% to $39 million. This reflects a combination of the continued recovery of investment markets and good organic growth, offset by a small number of fund closures and manager outflows, predominantly in the first half of FY22.

Superannuation Trustee Services performed well with revenue up 9% to $21 million, primarily driven by net fund inflows and positive equity markets. The STS business has achieved a material improvement in size and scale, with trustee responsibility for more than 550,000 superannuation fund members and has continuing opportunities for further growth.

Trustee and Wealth Services, which includes the private client and philanthropy business, increased revenue by 8% to $51 million. This was a strong result given the ongoing effects from the pandemic, where client-facing activity was severely restricted, and given market and interest rate volatility.

Mr O’Brien said: “The outlook is positive, with strong organic client and fund growth activity set to continue.

“Equity markets volatility and rising interest rates are having an impact in the near term however the underlying fundamentals of our business are strong.

“We remain focused on investing for growth – with substantial investment in new technology platforms and people to enable us to capture the significant opportunities in our markets.”

The Board has authorised that this document be given to the ASX.

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Scott Hinton

Vaughan Partners          

+61 419 114 057

shinton@vaughanpartners.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth, Dublin and London.

EQT Holdings Limited (ASX: EQT) now proposes to release its Full Year Results on Monday 22 August 2022.

EQT is in discussions regarding a proposed material acquisition and a proposed equity raising to be undertaken by way of a pro rata accelerated non-renounceable entitlement offer and institutional placement. There is no certainty that a transaction will occur. 

Mick O’Brien, Managing Director and Philip Gentry, Chief Financial Officer & Chief Operating Officer will conduct a webinar at 10.30am (Melbourne time) on Monday 22 August 2022. 

Updated registration instructions will be provided in due course. 

We recommend participants pre-register 5 - 10 minutes prior to the webinar. Participants will have the opportunity to include a question in advance when you register, when you receive the details by email closer to the webinar, or via the webinar platform during the presentation. 

Access to a recording of the webinar will be emailed to all registrants after the event, and available afterwards at https://eqt.com.au/investor-centre.

The Managing Director has authorised that this document be given to the ASX.

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients, including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT) today announced that Non-Executive Director, Ms Anne O’Donnell, will retire as a director of the Company at the conclusion of the next Annual General Meeting. 

Ms O’Donnell will retire by rotation and will not seek re-election.

Ms O’Donnell joined the EQT Holdings Board in 2010, and has served a number of roles, including Chair of the Responsibility Entity Compliance Committee and member of the Board Risk Committee and Remuneration, Human Resources and Nomination Committee. 

EQT Chair Ms Carol Schwartz AO said: “On behalf of the Board, I wish to thank Anne for her significant contribution to our Board over the last 12 years. Her experience and genuine interest in this unique company has meant she has been able to offer valuable insights and perspectives around the Board table. On behalf of the Board, I wish her well and all the best for the future.”

The Board will not be appointing a replacement, taking the EQT Holding Board to a total of seven directors.

 

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients, including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT) will conduct a webinar presentation by Mick O’Brien, Managing Director and Philip Gentry, Chief Financial Officer & Chief Operating Officer for investors following the release of EQT’s Full Year Results on Friday 19 August 2022.

Webinar: 10.30 am AEST
Friday 19 August 2022

Register for webinar here

You have the opportunity to include a question in advance when you register, when you receive the details by email closer to the day, or via the webinar platform during the presentation.

Access to a recording of the webinar will be emailed to all registrants after the event, and available afterwards at https://eqt.com.au/investor-centre.

 

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients, including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

Underpinned by robust organic growth and positive markets

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT) will conduct a webinar presentation by Mick O’Brien, Managing Director and Philip Gentry, Chief Financial Officer & Chief Operating Officer for investors following the release of EQT’s Half Year Results.

Webinar:  11am,  Friday 25 February 2022

Those intending to join the webinar must register here.

You will have an opportunity to ask questions in advance when you register or during the webinar on the day. 

Access to a recording of the webcast and the slides from the presentation will be available afterwards at https://eqt.com.au/investor-centre.

Mick O’Brien, Managing Director, has authorised that this document be given to the ASX.

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients, including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

Growth momentum continues as revenue exceeds $100m

• Funds under management, administration and supervision up 43% on prior year to $144 billion
• Revenue increased to $101 million, up 5.9%
• Net profit after tax increased 12.1% to $21.5 million
• Earnings per share increased 10.9% to 103 cents 
• Interim dividend 47 cents per share, making a total dividend for the year of 91 cents
• Business to report as three main segments to reflect distinct client and growth opportunities
• Maintained strong client focus and employee engagement throughout COVID-19 disruption
• Outlook positive, with momentum continuing to support independent fiduciary model

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced a substantial rise in funds under management, administration and supervision (FUMAS) for the year ended 30 June 2021 as strong growth momentum continued to drive earnings.

FUMAS reached $144 billion, a 43% increase on the previous year, as revenue broke through $100 million for the first time, rising 5.9% to $101 million.

Net profit after tax and earnings per share also increased more than 10% as Equity Trustees continued to benefit from ongoing industry demand for an independent fiduciary model, and while making investment to support growth.

Shareholders will receive a final dividend of 47 cents per share, bringing the total to 91 cents for the full year, up 1 cent on the prior year, notwithstanding a volatile period for markets.

Chair Carol Schwartz AO said: “Equity Trustees continues to prove that its focused strategy and strong values are a powerful combination, driving continued growth during the year.

“Our impressive funds and earnings growth were achieved in a challenging year, despite volatile equity markets and the ongoing global health crisis.

“The company has delivered a higher dividend in five of the last six years and maintained the dividend in the COVID-19 impacted 2020 year.”

“We are also proud to have kept our employees safe and maintained excellent engagement with our clients and community during the period.”

Managing Director Mick O’Brien said the results demonstrated the ongoing resilience of Equity Trustees’ business model.

“The results were achieved even as we continued to invest in the high growth areas of the business, where our expertise is in demand. The trend to outsource fiduciary services continues to support our model and drive momentum across the business.”

Underlying expenses grew broadly in line with revenue, reflecting the continuing investment in people and technology to underpin growth, along with higher insurance costs. 

Net profit increased 12.1% to $21.5 million for the year. Underlying net profit was $22.4 million, up 5.5% on prior year (excluding $1.72 million of M&A costs and the $0.85 million writeback of a tax provision, both on a post-tax basis).

Mr O’Brien said that due to strong growth in the superannuation business, financial reporting lines had been split into three trustee service area businesses going forward: Trustee and Wealth, Superannuation and Corporate.

“This will enable each business to focus and prosper in its areas of strength as well as improving transparency,” he said.

“Our Superannuation business achieved exceptional growth during the year, with funds more than tripling from $11.2 billion to $33.6 billion. We are now trustee for more than 600,000 members across 15 superannuation funds.”

Mr O’Brien said the Corporate business had another strong year, with Funds Under Supervision increasing by $19.1 billion to over $100 billion, while Trustee and Wealth Services had been impacted by record low interest rates and volatile equity markets.

He said that Equity Trustees continued to invest in the UK and Ireland businesses, which were experiencing good growth, although they had been impacted by slower economic activity due to the COVID-19 pandemic in Europe, increasing competition and a more intense regulatory environment.

Mr O’Brien said the outlook for Equity Trustees was positive.

“Our FUMAS growth should continue to underpin future revenue growth, while we scale up areas of the business that show the greatest scope for growth and target new areas such as innovative fund structures, debt, loan and real asset arrangements.

“Our balance sheet remains strong and we will continue to review opportunities for disciplined acquisitions in areas with greatest growth and/or synergy opportunities.”

Ms Schwartz said good governance was at the core of Equity Trustees’ operations and thanked past chairman Jeff Kennett AC and board members Alice Williams and Jim Minto for their substantial contributions, while welcoming new director, Kelly O’Dwyer to the board.

“It is particularly pleasing that during a tumultuous year in the markets, we were still able to provide healthy support to the for-purpose sector on behalf of our philanthropy and estates clients. During the year we distributed grants and bequests totalling more than $96 million,” she said.

“Equity Trustees continues to grow and prosper for the benefit of all stakeholders while delivering on our purpose to help people take care of their future.”
Download Full Year Results Presentation

Download the ASX Announcement

A recording of the Full Year Results Presentation will be available online in the Investor Centre on the Equity Trustees website this afternoon.

________________________________________

The Board has authorised that this document be given to the ASX

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 to provide independent, impartial trustee and executor services to help Australian families protect their wealth. Now Australia’s leading specialist trustee company, Equity Trustees offers a diverse range of services to private and corporate clients including asset management, estate planning, philanthropic, superannuation trustee services and responsible entity services. Equity Trustees is the brand name for EQT Holdings Limited (ABN 22 607 797 615) and its subsidiaries, with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth, Dublin and London. EQT is listed on the Australian Securities Exchange (ASX: EQT).

EQT Holdings Limited (ASX: EQT) confirms, pursuant to Listing Rule 3.16.1, the resignation of Ms Jennifer Currie as Company Secretary effective 30 April 2021.

Ms Currie will be succeeded by Equity Trustees’ Chief Financial Officer and Chief Operations Officer, Mr Philip Gentry. 

On behalf of the Board and the leadership team, Equity Trustees’ Board Chair, Carol Schwartz AO, thanked Ms Currie for her contribution and wished her well with her future endeavours.

The Board has authorised that this document be given to the ASX. 

Download the ASX Announcement

________________________________________

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth, Dublin and London.

EQT Holdings Limited (ASX: EQT) today announced the appointment of The Hon. Kelly O’Dwyer as a non-executive director to its Board.

PERFORMANCE CONFIRMS STRATEGY AND GROWTH MOMENTUM

• Funds under management, administration and supervision up 27% on previous half to $128 billion
• Revenue $48.3 million, up 3.7% on previous half and in line with prior comparative period (pcp) ($48.9 million)
• Net profit $9.8 million, up 27.4% on previous half and down 14.5% vs pcp
• Underlying NPAT $10.7 million, up 8.7% on previous half and down 6.5% vs pcp
• Interim dividend 44 cents per share
• Fulfilling purpose of safeguarding people’s wealth and supporting the community
• Outlook positive, with industry trends supporting independent fiduciary model

EQT Holdings Limited (ASX:EQT) (Equity Trustees) confirms that, as previously flagged to market on 19 August 2020, our Chairman the Hon Jeffrey Kennett AC and long serving Non-Executive Director Alice Williams have retired at the conclusion of the Company’s AGM today in accordance with the Company’s planned succession process.

Current Non-Executive Director Carol Schwartz was elected as a Director by shareholders at today’s Annual General Meeting and has been appointed by the Board as the new Chair of the Equity Trustees.

Ms Schwartz said: “Jeff has been at Equity Trustees since 2008 and is known as a dynamic and engaged Chair. Jeff has put his considerable and well-known energy behind a number of high impact initiatives which have further strengthened Equity Trustee’s legacy and reputation, particularly in relation to philanthropic giving.  These achievements are now highlighted in the wonderful Philanthropy Annual Giving Review reports.  Jeff’s tireless work in Victoria, particularly in relation to mental health and Indigenous disadvantage, is also greatly appreciated.”

She added: “I also wish to acknowledge the commitment of Alice, who has served on this Board since 2007, and has devoted considerable energy and expertise to the Remuneration, Human Resources and Nominations Committee.  I also note Alice’s longstanding service on the Advisory Committee of one of Equity Trustees’ longest served, and oldest philanthropic trusts – the Alfred Felton Bequest.”

Deputy Chairman, Jim Minto said: “I add my deep thanks to Jeff and Alice for their distinguished and tireless service to this company, as well as to Carol for taking on the pivotal role of Chair of the Equity Trustees group.  Carol has an exceptional background for this role and a reputation for strong integrity and I am very much looking forward to working with her.”

Mick O’Brien, Managing Director, has authorised that this document be given to the ASX.

Download the full ASX Announcement

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 to provide independent and impartial trustee and executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, Equity Trustees offers a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and responsible entity services for external fund managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies. EQT Holdings Limited is listed on the Australian Securities Exchange (ASX: EQT) and has offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX:EQT) (Equity Trustees) advises the following key dates for the second half of 2020.

The AGM date has changed to avoid any potential for a clash with the Grand Final public holiday, which is currently anticipated to be Friday, 23 October 2020, although Equity Trustees understands this is still to be confirmed by the Victorian government.

Final Dividend Ex-Date - Monday, 7 September 2020

Record Date - Tuesday, 8 September 2020

Closing Date for the Receipt of Director Nominations - Tuesday, 8 September 2020

Last Election Date for Dividend Reinvestment Plan - Wednesday, 9 September 2020

Payment Date - Tuesday, 6 October 2020

Annual General Meeting - Wednesday, 28 October 2020

Mick O’Brien, Managing Director, has authorised that this document be given to the ASX.

Download the full ASX Announcement
________________________________________

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications      

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                                 Philip Gentry

Managing Director                                       Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                            +61 3 8623 5372

mobrien@eqt.com.au                                   pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, 

Growth strategy underpins steady financial performance

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications      

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                    Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                       +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London..

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications      

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                    Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                       +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

About Equity Trustees

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees Superannuation Limited (ACN  055 641 757) AFSL 229757 and HTFS Nominees Pty Ltd (ACN 000 880 553) AFSL 232500  is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth, London and Dublin.

About HUB24

The Australian Securities Exchange-listed HUB24 Ltd ABN 87 124 891 685 (ASX: HUB) connects advisers and their clients through innovative solutions that create investment opportunities. The business is focussed on the delivery of the HUB24 platform and the growth of its wholly owned subsidiaries Paragem Pty Ltd, a financial advice licensee,  Agility Applications Pty Ltd and HUBconnect Pty Ltd which provide data, reporting and software services to the Australian stockbroking and wealth management market. HUB24’s award-winning investment and superannuation platform provides broad product choice and a market-leading experience for advisers and their clients. Its flexible technology allows advisers and licensees to customise their platform solution to fit their individual business so they can move faster and smarter. It serves a growing number of respected and high-profile financial services companies. 

For further information, please visit www.HUB24.com.au

1.FUA as at 30 June 2020

Mick O’Brien, Managing Director, has authorised that this document be given to the ASX.

Download the full ASX Announcement

Media

Alicia Kokocinski

General Manager – Marketing & Communications      

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                    Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                       +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

Mick O’Brien, Managing Director, has authorised that this document be given to the ASX.

Download the full ASX Announcement

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications      

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                    Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                       +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Ltd [ASX: EQT] provides the following update on the impact of the COVID-19 pandemic on its business and earnings.

EQT has long term revenue streams and a strong balance sheet with low debt and high levels of liquidity. EQT is operating as usual with employees working both on-site and increasingly from home.

EQT has previously indicated that FY20 second half earnings growth was expected to improve as revenue from new business grew. It also acknowledged that market volatility would continue to influence outcomes.

As the majority of EQT revenues are linked to the level of funds under management, administration and supervision, the market downturn is having an adverse impact on earnings and therefore, the previous guidance is no longer appropriate. At this stage, it is not possible to precisely quantify the impact on earnings as markets remain highly volatile.

As previously communicated, the two primary drivers of market leverage on revenues are:

• for the Trustee and Wealth Services (TWS) business - approximately 50-60% leverage to the (daily) ASX200; and
• for the Corporate Trustee Services (CTS) business - approximately 50% leverage to the (daily) global MSCI.

Revenue is also leveraged to other asset classes.

The Group is positioned with low gearing, approximately $30 million of cash surplus to regulatory requirements, and $20 million of undrawn committed bank facilities. The Group’s debt facility was renewed in December 2019 and matures in December 2022.

EQT Managing Director, Mick O’Brien said, “The safety and wellbeing of our employees are a priority and we are taking action across the business to protect them. We are also taking steps to ensure we continue to support our clients, beneficiaries, investors, members and other stakeholders during this challenging time.”

EQT will continue to provide updates as appropriate.

Download the full ASX Announcement

Mick O’Brien, Managing Director has authorised that this document be given to the ASX.

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications      

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                            Philip Gentry

Managing Director                                    Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                       +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT) today announced the appointment of Carol Schwartz AO as a non-executive director to its Board.

“Ms Schwartz has outstanding leadership credentials and is well known and highly regarded in business and the not-for-profit sector. She has an excellent reputation as an advocate for good governance in every organisation with which she is associated,” said Chairman the Hon. Jeff Kennett AC.

“She is recognised as an advocate for women in leadership and frequently called on for her insights into social enterprise, business, finance, gender equality and governance,” he said.

Ms Schwartz is a non-executive director of the Boards of the Reserve Bank of Australia, Qualitas Property Partners and the Trawalla Group. In 2004, she founded the Trawalla Foundation with her family so they could target their philanthropy on funding exceptional individuals and organisations focused on strengthening gender equality, creativity, sustainability and social justice.  Ms Schwartz is also the founding Chair of the Women’s Leadership Institute Australia and also of Our Community – she remains chair of both Boards.

“I believe in companies that have a purpose beyond commercial success,” said Ms Schwartz. “Equity Trustees is a company that has always existed to put the interests of others first – whether they are the beneficiaries of estates and foundations, members of superannuation funds or investors in managed investment schemes.

“While it has a strong balance sheet, at its heart, it is a company which helps people take care of the future and provides comfort it will deliver what it promises, whilst balancing the needs of shareholders. I am looking forward to working with this unique organisation,” she said.

Among the many awards and accolades in her career, in 2019 Ms Schwartz was awarded Queen’s Birthday Honours for her service to the community as a supporter of women in leadership, social justice advocacy and to business. She has an Honorary Doctorate from Monash University, has been inducted into the Australian Property Hall of Fame, made an Honorary Life Member of the Property Council of Australia, was recognised by Ernst & Young as the 2018 Champion of Entrepreneurship, Southern Region and inducted into the Victorian Women’s Honour Roll.

“Equity Trustees welcomes the considerable energy and unique experience Ms Schwartz will bring to this 131-year-old company. I welcome her on behalf of the Board of Australia’s leading trustee company and look forward to working with her,” Mr Kennett concluded.

Download the full ASX Announcement

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications      

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                    Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                       +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

Deliberate strategy to invest for growth

• Funds under management, administration and supervision up 44% on the prior corresponding period (pcp) to $111.1 billion
• Revenue up 5.6% on pcp to $48.9 million
• Net profit up 2.3% on pcp to $11.5 million
• Interim dividend increased 3 cents on pcp to 47 cents per share
• Investing in people and technology to manage growth
• Successfully taking opportunities as industry restructures

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced a 44% increase in funds under management, administration and supervision (FUMAS) to $111.1 billion during the six months ended 31 December 2019.

Net profit for the period was up 2.3% to $11.5 million, on revenue of $48.9 million, up 5.6%. The Board declared an interim dividend of 47 cents per share, up 3 cents on the 2019 interim dividend.

Chairman Jeff Kennett AC said Equity Trustees’ strategy of investing for growth was delivering.

“Equity Trustees has been investing substantially in resources to enable it to capitalise on the change taking place in the financial services industry, where our capability is in demand.

“We are well positioned to make the most of opportunities as they arise, and the growth in FUMAS is reflecting the investment made.

“While this has involved higher costs in the short-term as we build our capacity, the long term benefits for Equity Trustees should be significant.”

Managing Director Mick O’Brien said the market was increasingly recognising Equity Trustees’ strengths as a respected and highly capable trustee.

“The growth we are reporting reflects endorsement of our capability not only by our customers, but also business and the industry at large,” he said.

“Higher expenses, up 6.9% to $29.6 million, reflect the investment the company is making, predominantly in people and technology, to underpin future growth.

 “It is pleasing to report that net profit and dividends continued to rise during the half, despite the significant investment we are making.

“FUMAS was up significantly in both Trustee & Wealth Services and Corporate Trustee Services.

“Momentum is strong in our core businesses, boosted by appointments with blue chip companies, and we are continuing to capitalise on organic and inorganic opportunities as they arise.

“Our European expansion is also beginning to deliver, winning large US and UK clients and significantly boosting funds under supervision.

“While there are very good growth opportunities for Equity Trustees, we are managing the growth and investing prudently to ensure that our values and respected approach are reinforced.”

Mr Kennett said that changes in financial services markets had seen the values underpinning Equity Trustees, such as independence and trust, become even more important.

“During the half we established two perpetual charitable trusts with the Business Council of Australia to help communities around the country recover from disaster and emergency events,” he said.

 “Our Annual Giving Program recently reached a new record of $124.3 million of donations across a range of philanthropic causes.

“We also welcomed a new Director Catherine Robson, who brings her impressive mix of business experience, legal and financial qualifications and a demonstrated commitment to governance in innovative commercial and not-for-profit organisations to the Equity Trustees Board.

“Our core purpose is about caring for others, and as we continue to follow this, all our stakeholders will prosper.”

Mr O’Brien said the outlook for the full year was for continued growth, reflecting the favourable industry fundamentals and a promising pipeline of opportunities.

View Half Year Results Presentation

Download the full ASX Announcement

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 to provide independent and impartial trustee and executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, Equity Trustees offers a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and responsible entity services for external fund managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies. EQT Holdings Limited is listed on the Australian Securities Exchange (ASX: EQT) and has offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT) today announced the appointment of Catherine Robson as a non-executive director to its Board.

“Ms Robson has an impressive mix of business experience, high level legal and financial qualifications and a demonstrated commitment to governance in innovative commercial and not-for-profit organisations,” said Chairman the Hon. Jeff Kennett AC.

Ms Robson’s appointment is effective from 15 February 2020.

“We are very fortunate that Ms Robson’s experience is combined with an excellent understanding of the Equity Trustees business and our development over the past five years through her work with a number of our Boards and committees,” said Mr Kennett.

Ms Robson was previously a member of the Equity Trustees Superannuation Limited Board (since 2014) and is a member of both the EQT Board Risk Committee and the Board Remuneration, Human Resources and Nominations Committee.

After beginning her career with Macquarie Bank, Ms Robson moved to NAB Private Wealth where she spent 11 years as a senior advisor before founding the successful financial service business Affinity Private. She has earned industry awards for her commitment to excellence in the provision of advice, she writes regularly in media outlets, including The Age / Sydney Morning Herald and Money Management, and hosts the women’s leadership podcast ‘Success Stories’.

Ms Robson’s other Board appointments include SCALE Investors, which invests seed capital in exceptional gender diverse start-ups, and she is chair of portfolio company TalkiPlay. She is a member of the Walter & Eliza Hall Institute of Medical Research Advocacy & Support Committee, Cancer Council Victoria’s Investment Committee and is a member of the Korowa Anglican Girls’ School Council.

“On behalf of the Board, I congratulate Ms Robson on her appointment. We all look forward to continuing working with her,” Mr Kennett concluded.

Download the full ASX Announcement

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 to provide independent and impartial trustee and executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, Equity Trustees offers a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and responsible entity services for external fund managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies. EQT Holdings Limited is listed on the Australian Securities Exchange (ASX: EQT) and has offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

Below is an extract of the slide presentation to be presented to shareholders at the EQT Holdings Limited 2019 Annual General meeting today.

An audio recording of the address by the Chairman and the Managing Director will be available online in the Investor Centre on the Equity Trustees website this afternoon.

Download ASX Announcement and AGM Presentation

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

Further information

Media

Alicia Kokocinski

General Manager, Marketing and Communications

+61 403 172 024

AKokocinski@eqt.com.au

Investors

Mick O’Brien                                         Philip Gentry

Managing Director                                Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                  +61 3 8623 5133

mobrien@eqt.com.au                           pgentry@eqt.com.au

EQT Holdings Limited (ASX: EQT) confirms, pursuant to Listing Rule 3.16.1, the resignation of Ms Carmen Lunderstedt as Company Secretary effective 8 October 2019.  Ms Lunderstedt will be succeeded by Ms Susan Taylor.

On behalf of the Board and the leadership team, Equity Trustees’ Board Chairman, Jeffrey Kennett, thanked Ms Lunderstedt for her contribution in helping to elevate the Group’s corporate governance practices to reflect high stakeholder expectations and leading market practice, and wished her well with her future endeavours.

Company Overview: Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As one of Australia’s largest and oldest listed independent trustees, we offer a diverse range of services to individuals, families and corporate clients including estate planning, estate management, trust and philanthropic services, asset management, financial advice and Responsible Entity (RE) services for external fund managers.

Download the full ASX Announcement

EQT Holdings (ASX: EQT) today announced new agreements with The Colonial Mutual Life Assurance Society Ltd (CMLA), in which

• EQT subsidiary Equity Trustees Limited will take on the Trustee role for $10.5 billion of assets of CMLA
• Another subsidiary, Equity Trustees Superannuation Limited (ETSL), will become the Registrable Superannuation Entity (RSE) Licensee for $4.5 billion of superannuation funds. CMLA has entered an agreement with ETSL to continue to operate as administrator and life insurer of these funds.

The combined agreements will increase Equity Trustees’ total funds under supervision to more than $100 billion.

EQT Holdings Managing Director Mick O’Brien said, “This is a significant announcement for Equity Trustees, cementing its position as the leading trustee in Australia.

“Equity Trustees is the company of choice because we have the resources and the capability to take these roles on.

“Each appointment is independent, and the funds will be overseen by separate specialist subsidiary trustee companies. 

“In our superannuation and responsible entity businesses, our focus is on looking after the rights of members and unitholders within the funds, independent of all other parties.

“Our recent investment in resources, including senior personnel and technology, strengthens our ability to support opportunities such as this. We look forward to partnering with CMLA.”

Mr O’Brien said the agreements were part of the previously flagged pipeline of opportunities and confirmed that there had been significant investment to support the pipeline, and that earnings growth is expected to be weighted to the second half FY20.

The appointments took effect from 1 October 2019.

Download the full ASX Announcement

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5133

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

About CMLA

The Colonial Mutual Life Assurance Society Limited (CMLA) ABN 12 004 021 809 AFSL 235035). CMLA is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945.

• Net profit up 12.7% to $22.2 million
• Basic earnings per share up 11.7% to 108.6 cents
• Final dividend of 46c per share; total dividend for the year 9.8% higher at 90c per share
• Funds under management, administration and supervision of $84.9 billion, marginally lower
• Strong, stable performance in a changing industry environment
• Investing for new growth phase driven organically and through potential new partnerships and appointments

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced a 12.7% increase in net profit to $22.2 million and growth in basic earnings per share of 11.7% for the year ended 30 June 2019.

Revenue increased 4.6% to $92.5 million, while expenses grew by only 2.4%.

Funds under management, administration and supervision (FUMAS) were down slightly to $84.9 billion, however, there was good growth in FUMAS in the second half.

Chairman Jeff Kennett AC said: “Equity Trustees has produced another strong performance and is continuing to deliver for all stakeholders in a changing and sometimes difficult environment for financial services.

EQT’s model of offering independent, trusted services is driving the group’s success and we are well positioned to capitalise on future growth opportunities.”

Managing director Mick O’Brien said the business had reported consistent underlying organic growth over the year.

“All areas of the business performed strongly, particularly those arising from recent acquisitions and partnerships.

Solid revenue growth, healthy cash flows and a strong balance sheet underpinned this performance.”

Mr O’Brien said Equity Trustees was targeting opportunities in Australia and overseas to grow and leverage its independent model.

“We are investing heavily in resources, including senior personnel and technology, to enable us to support growth opportunities as they arise.”

Mr O’Brien said the company’s European expansion was on track, winning large US and UK clients and is well placed for any Brexit outcome.

He said that while market volatility would continue to influence the Group’s financial performance, the outlook for FY20 and beyond was positive, with attractive industry fundamentals and a solid pipeline of opportunities.

“The investment we have made to support the potential growth opportunities means that we expect earnings growth to be weighted towards the second half of the 2020 financial year.

Our independent model is increasingly sought in an industry undergoing substantial realignment and positions us well for future growth.”

Download the Full ASX Announcement

Download 2019 Full Year Results Presentation

Further information

Media

Alicia Kokocinski

General Manager – Marketing & Communications

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5133

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, announced on 25 February 2019 that it had signed an agreement with Zurich Australia to purchase its superannuation trustee, Zurich Australian Superannuation Pty Ltd (ZAS).  Equity Trustees is pleased to announce that the transaction completed today. 

ZAS is the superannuation trustee for the Zurich Master Superannuation Fund, which has approximately $1bn in funds under trusteeship and 18,000 members across traditional, accumulation and pension products.

 Download the ASX Announcement

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                              Philip Gentry

Managing Director                                    Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                         +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced it has appointed non executive director James (Jim) Minto as Deputy Chair of the Board.

“Jim brought outstanding credentials to Equity Trustees when he was appointed to the Board in March 2017,” said Jeff Kennett AC, Chairman.

“He has had an impressive career in financial services with many decades of experience in senior leadership roles and company directorships. As Deputy Chair, Jim will support me, ensuring that the Board continues to aspire to excellence in governance standards, the welfare of all our staff, and act in the best interests of all our customers and stakeholders, and stand in for me as required.

“Jim has brought his particular expertise in trusteeship and understands from experience how to grow shareholder value while also maintaining a healthy corporate culture and excellent client service,” said Mr Kennett.

Jim is currently Chair of the EQT Board Risk Committee and a member of the Board Audit Committee.

Prior to joining Equity Trustees, his career included more than 30 years in senior roles with the TOWER group, one of Australia and New Zealand’s leading life insurance groups; he was appointed as Managing Director of the group and to Board of Dai-ichi Life Asia Pacific (Singapore) after they acquired TOWER Australia (now TAL) in 2011. Jim was formerly Chair of the Australian Superannuation Funds of Australia and The Trustee Corporations Association of New Zealand and currently serves on the Board of the National Disability Insurance Agency.

“On behalf of the Board, I congratulate Jim on his appointment and thank him for taking on this role,” Mr Kennett concluded.

Download the full ASX Announcement here

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                                         Philip Gentry

Managing Director                                              Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                                 +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced it had signed an agreement with Zurich Australia to purchase its superannuation trustee, Zurich Australian Superannuation Pty Limited (ZAS).

ZAS is the superannuation trustee for the Zurich Master Superannuation Fund, which has approximately $1bn in funds under trusteeship and 18,000 members across traditional, accumulation and pension products.

The acquisition will expand Equity Trustees’ superannuation business, and cement its position as the leading provider of specialist independent superannuation trustee services in Australia.

ZAS will be acquired for $6.2 million, funded from existing liquidity and debt facilities. The purchase price approximates net assets, which is essentially cash, meaning the net funding impact will be immaterial once the cash is used to repay the short term funding requirement.

“With 130 years’ experience as a specialist trustee, Equity Trustees will ensure the trustee responsibilities safeguarding the interests of Fund members are maintained at the highest standards, which includes looking for ways to improve member outcomes,” said Mick O’Brien, Managing Director.

“We appreciate that 18,000 members have their current and future retirement hopes invested in this Fund and we look forward to being the trustee of the Fund.

 “The acquisition strengthens our existing relationship with Zurich, and is an example of the growing demand in the superannuation sector to establish structural independence and reduce the possibility of conflicts of interest via use of an independent external trustee,” Mr O’Brien said.

The acquisition is subject to certain conditions precedent. Completion is expected next month (March 2019), and subsequently it is intended that the trustee role for the Fund will be transferred from ZAS to Equity Trustees Superannuation Limited, our existing Registrable Superannuation Entity (RSE) licensee holder and specialist superannuation trustee provider.

Download the full ASX Announcement here

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                                         Philip Gentry

Managing Director                                              Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                                 +61 3 8623 5372

mobrien@eqt.com.au                               pgentry@eqt.com.au

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

PROFIT and DIVIDENDs LIFT IN DECEMBER HALF As NEW GROWTH OPPORTUNITIES EMERGE

• Net profit after tax attributable to shareholders up 17.3% to $11.2 million
• Basic earnings per share up 16.1% to 55.13 cents
• Dividend per share up 4 cents (10%) to 44 cents per share
• Pre-tax operating cash flow up 28.6%
• Balance sheet remains strong, with debt reduced by 20%
• Equity Trustees’ specialist trustee model aligns to the broad themes and findings of the Royal Commission, and provides further opportunities

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced another strong result with net profit after tax attributable to shareholders up 17.3% to $11.2 million for the half year to 31 December 2018.

Revenue increased 7.2% to $46.3 million while expenses were contained to a 3.0% increase. Funds under management, administration and supervision were down slightly to $77 billion, principally reflecting the market downturn.

Chairman Jeff Kennett said it was a strong result that demonstrated the success of EQT’s business model.

“The longstanding focus of Equity Trustees on trust and governance is standing us in good stead in the current financial services environment,” he said.

“The industry upheaval is favouring our business model, and the Royal Commission findings are aligned with our strategy.

“This is an excellent result for shareholders, but also delivers for all our stakeholders.”

Managing Director Mick O’Brien said the combination of organic growth and expansion through acquisitions and partnerships was underpinning the group’s consistent performance.

“Our Australian businesses performed well, and our Ireland expansion program is on track, winning some significant clients and showing improving growth in the UK and Ireland,” he said.

“Our strategy to focus on being Australia’s leading specialist trustee company is delivering and we are making good progress on all of our T4 targets, which track our performance in terms of clients, employees, shareholders and the community.

“The outlook is encouraging for the remainder of FY19 and beyond, with attractive industry fundamentals and a substantial and growing pipeline of opportunities, noting that volatility in investment markets will to continue to have an effect on earnings.

“The challenge now is to ensure we have the resources and capability to manage that growth, so we are selectively increasing our investment in people and technology to achieve this.

“Our specialisation in fiduciary services, combined with targeted investment for the future, ensure that EQT remains well positioned for continued growth.”

Download the full ASX Announcement here

Equity Trustees was established in 1888 to provide independent and impartial trustee and executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, Equity Trustees offers a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and responsible entity services for external fund managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies. EQT Holdings Limited is listed on the Australian Securities Exchange (ASX: EQT) and has offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

Further information

Media

Alicia Kokocinski

Senior Manager – Marketing & Communications         

03 8623 5396 / 0403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                             Philip Gentry

Managing Director                                   Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                        +61 3 8623 5133

mobrien@eqt.com.au                               pgentry@eqt.com.au

EQT Holdings Limited (ASX: EQT) is pleased to announce the appointment of a new non-executive director Tim Hammon, effective 1 December 2018.

EQT Chairman Jeff Kennett said: “Tim comes to Equity Trustees with an excellent mix of experience aligned with the responsibilities that come with being on the Board of a 130 year old Australian company which was built on a foundation of trust.”

Mr Hammon was the CEO of Mutual Trust Pty Ltd, from 2007 to 2017, building the business to become a leading Australian multi-family office servicing high net worth clients, and prior to that, in leadership positions with Coles Myer Ltd for 11 years. He began his career in law with Mallesons Stephen Jaques and was a partner at the firm for 12 years (1984 – 1996) after graduating in law and commerce at the University of Melbourne.

He has held Board positions with not for profit organisations, the Abbotsford Convent Foundation and St Catherine’s School and is an Ambassador for the fund raising campaign for the Aikenhead Centre for Medical Discovery. Mr Hammon is currently on the Board of shopping centre development company Vicinity Centres, a listed REIT.

“The mix of commercial, not for profit, and legal expertise will strengthen and diversify the experience around the Board table of Equity Trustees and support the development of Australia’s leading specialist trustee company.”

Mr Kennett said Mr Hammon’s appointment to the EQT Board is part of the Company’s structured approach to Board succession and planning, and integral to EQT’s strategy as Australia’s leading specialist trustee company.

Download the Full ASX Announcement 

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

Further information

Media

Alicia Kokocinski

Senior Manager Marketing and Communications

+61 403 172 024

AKokocinski@eqt.com.au

Investors

Mick O’Brien                                         Philip Gentry

Managing Director                                 Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                   +61 3 8623 5372

mobrien@eqt.com.au                             pgentry@eqt.com.au

Strong improvement in shareholder returns, with all stakeholders benefiting

• Net profit up significantly, rising 28% to $19.7 million
• Earnings per share (EPS) up 26%, to 97.3 cents per share
• Funds under management, advice, administration and supervision increase 21% to record $86 billion
• Final dividend up 2 cents on interim dividend to 42 cents; for a full year dividend of 82 cents,
  up 11 cents on last year
• All areas of business experiencing strong growth driven by acquisitions, partnerships and organic growth
• Industry governance trends creating opportunities for Equity Trustees’ specialist model

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced a substantial increase in net profit to $19.7 million for the year to 30 June 2018, and an increase in EPS to 97.3 cents per share.

Revenue increased 11% to $88.5 million, and funds under management, administration and supervision grew by 21% to reach a record $86 billion.

“This is an excellent result for our clients, stakeholders and shareholders,” said Chairman Jeff Kennett. “The result was driven by three factors, the company’s investment over the last two years in new technology and systems, organic growth, and strong contributions from new acquisitions and partnerships.

“Equity Trustees is proud of its independence and continues to work to ensure the highest level of governance,” he added.

Managing Director Mick O’Brien said the business was experiencing strong momentum, with all divisions performing well. Revenue from Trustee and Wealth Services was up 11%, and Corporate Trustee and Fund Services was up 10%, supported by a material reduction in non-operating expenses.

“We have generated significant growth in returns for shareholders, improved our client satisfaction results, increased our employee engagement, and provided a substantial contribution to the community through our philanthropic granting and trusted services.

“This result confirms our strategy of focussing on what we do best – providing specialist fiduciary services,” Mr O’Brien said.

A successful program of acquisitions and partnerships underpinned the result:

• The acquisition of the OneVue Responsible Entity business with $2.7 billion of assets consolidated Equity Trustees’ position as the Australia’s leading provider of RE services
• The appointment as the superannuation trustee to the $3.2 billion Aon Master Trust effectively doubled the size of our superannuation business to $6.7 billion Funds Under Management
• Equity Trustees made a strategic move offshore with the acquisition of the majority stake of a UK-based funds governance business
• The Sandhurst Trustees Estates and Trusts business was fully integrated and performing in line with expectations

Mr O’Brien said Equity Trustees was well positioned for continuing growth.

“All areas of the business are delivering on expectations and performing well.

“The industry trend clearly favours Equity Trustees’ specialist model and the heightened focus on governance in financial services, both in Australia and overseas, is likely to benefit us.

“Corporations and governments are demanding higher levels of governance. This is seeing demand for specialist governance and fiduciary services grow, and specialist trustee services increasingly outsourced.”

Mr Kennett said, “Equity Trustees was founded on trust 130 years ago, and this single characteristic remains at the heart of our purpose.

“Our strategy is built around benefiting all our stakeholders and we have delivered this financial year.

 “We enter the new financial year with a positive outlook for the period ahead, and the future of this 130-year-old Australian company which has stood the test of time.”

Download the full ASX Announcement here

View the 2018 Full Year Investor Presentation

View the 2018 Appendix 4E & Annual Financial Report

Visit the Investor Centre

Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers.

Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.

Further information

Media

Alicia Kokocinski

Senior Manager Marketing and Communications

+61 403 172 024

akokocinski@eqt.com.au

Investors

Mick O’Brien                                                      Philip Gentry

Managing Director                                           Chief Financial Officer and Chief Operating Officer

+61 3 8623 5202                                               +61 3 8623 5372

mobrien@eqt.com.au                                   pgentry@eqt.com.au

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View the 2016 Annual Financial Report and Appendix 4E here

Widely regarded as a creative and pragmatic company director and advisor, Mr Sedgwick has more than 30 years’ experience in advising boardrooms of listed and unlisted Australian, Chinese and other Asian enterprises across financial services, and information technology.  

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EQT Holdings Limited today announced the appointment of Mr Michael J O'Brien as the company's Managing Director, with immediate effect.
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Mr Ryan has indicated that he intends to retire following the completion of the annual reporting processes in order to give the company sufficient time to initiate the process for appointing a replacement.

During his employment with EQT, Mr Ryan has also acted as the Company Secretary and the Board is grateful for his valued contribution in this role in addition to his responsibilities as CFO.

Further information will be provided closer to the date of Mr Ryan’s retirement and at that stage the Board will formally note its appreciation for his significant role in the company’s success, growth and development since 2003.

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EQT considers a range of potential acquisitions from time to time. As part of these considerations, EQT enters into preliminary discussions with various entities and often determines an indicative value based on publicly available information.

In the context of the above, today’s market release by Diversa Limited (ASX: DVA) refers to a confidential, incomplete, non-binding, indicative proposal provided by EQT, which is subject to a number of conditions including due diligence.

There have been no significant developments since providing the proposal and no contractual arrangements have been entered into. Accordingly EQT cautions shareholders to refrain from making any decision based on an assumption that any transaction with Diversa will proceed.

In accordance with continuous disclosure obligations, EQT will keep the market updated as necessary.

Read the full ASX Announcement here.

Mr Gentry has more than 25 years’ experience in leadership positions within financial services, property, agribusiness, international trade, commodities and logistics.  He will commence in the CFO role at Equity Trustees early in the new year when he completes his existing employment obligations.

The appointment of a new CFO follows the permanent appointment of Geoff Walsh as Chief Risk Officer (CRO) in August, following a period as Interim CRO, and his appointment today as Joint Company Secretary, replacing Terry Ryan in that role. 

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