Change in ownership of Custodial Companies
Forsyth Barr provides custodial services through two companies:
- Forsyth Barr Custodians Limited, which is the custodian for financial products held for clients under our custodial service.
- Forsyth Barr Cash Management Nominees Limited, which holds funds invested in our Cash Management service as bare trustee on clients’ behalf. The funds are held on a pooled basis and invested on call with one or more registered banks.
Currently, Forsyth Barr Custodians Limited and Forsyth Barr Cash Management Nominees Limited have separate legal ownership and are not part of the Forsyth Barr group of companies. This is largely due to certain historical legal requirements, no longer in effect, relating to the provision of custodial services.
From 1 April 2019, Forsyth Barr Custodians Limited and Forsyth Barr Cash Management Nominees Limited are becoming subsidiaries of Forsyth Barr Group Limited. This is so that it is clear to all these entities are formally part of the Forsyth Barr group of companies.
The sole activity of these companies remains the safe custody of money and/or financial products on behalf of clients as bare trustee. There is no resulting change to the governance or management of the companies, or the services that clients will receive. The boards of these companies will continue to be chaired by an independent director and have only one non-independent director – see here for details of the current directors. In addition, the companies will continue to be subject to annual assurance reviews by a qualified auditor. You can obtain a copy of the latest report by contacting your Investment Adviser.
If you have any questions, please contact your Investment Adviser.