“With the growth in the Equity Trustees business in recent years, increased regulatory and reporting expectations, significant expansion in scale through the ANZ Trustees acquisition, together with our objective to meet the highest standards consistent with our fiduciary obligations, an elevation in the profile and significance of this key function is now appropriate,” Mr Burns said.

The appointment follows the announcement in April that Equity Trustees had agreed to acquire 100 per cent of ANZ Trustees Limited for $150 million. The acquisition will further enhance Equity Trustees’ position as a leading provider of trustee and related client services.

Ms Noble is an experienced senior executive with over 25 years of experience in both private and public sector roles. She has worked predominately in risk and compliance, legal and operational positions, and has also held senior revenue generating roles.

“Amanda has significant relevant executive level experience at a number of major financial institutions and has also had direct profit and loss responsibility in complex financial services,” Mr Burns said.

“Her experience means she is ideally placed to head up the newly formed Risk and Compliance business unit, and to continue Equity Trustees’ progress in maintaining its strong risk and compliance track record.”

Ms Noble has a Masters of Business Administration from Melbourne Business School as well as a Bachelor of Arts from the University of New South Wales. She holds Diplomas in Law, Leadership and Asian Studies and is currently completing her Masters of Law. She is a member of the Australian Institute of Company Directors, holds a current legal practising certificate and is an associate of FINSIA. She commenced with Equity Trustees on 19 May 2014.

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Robyn Burns

As Equity Trustees Ltd marks the 125th Anniversary of the founding of the company, it remains committed to expanding its services and bringing them to a wider client base, says Mr Robin Burns, managing director.

He says that the services provided by Equity Trustees are even more relevant today than they were when the company was established in the 19th century.

The necessary legislation to empower Equity Trustees, then known as The Equity Trustees, Executors and Agency Company Limited, to provide executor trustee services was passed on December 10, 1888 by the Victorian Government

Mr Burns explains that special legislation was needed whenever a trustee company was formed, as previously only individuals could act as agents on behalf of others.

“As people prospered in the colonies of Australia, many looked to make extended visits to Europe and needed trusted agents to look after their affairs while they were away.

“The colonies were rife with stories of people being defrauded by those they had employed to look after their affairs while they were absent.

“The ability of trustee companies to bring together the various skills needed to maintain and grow a personal estate, appeals today as much as it did then.

“A critical component in those days was trust, just as it is now, and it is something that is embedded in the culture of trustee companies such as Equity Trustees.”

Mr Burns says that he believes the services of today’s Trustee companies have a new relevance in meeting the needs of Australians in the 21st century.

Today, Equity Trustee’s services take in wealth management, superannuation, managed funds, responsible entity and institutional custody and administration services, as well as estate planning and aged care services and philanthropy.

“The complexities of financial management today, coupled with the need for continuation of service, mean people want a financial institution they can trust,” he says.

“For individuals, continuation of service is an issue of ever increasing importance as Australians seek support and advice throughout their various phases of retirement, as well as during their wealth accumulation years.

“With Australians today having a life expectancy that their great grandparents would find staggering, the need intensifies for trusted entities offering continuation in a range of broadly based financial and personal services.

“Investors are finding that they can’t be reliant on the skills and honesty of one person, but need access to a broad range of specialist skills and knowledge.

“While many advisers are acknowledging this with the formation of alliances and partnerships to give their clients access to additional areas of expertise, we have expanded and refined our services to satisfy the changing needs of our own clients.

“EQT remains committed to continuing to grow our operations and to bring our services to a wider base, including through the formation of business alliances.”

Increasingly, today’s Australians are more likely to find that, one day, they will be unable to cope with lifestyle and financial issues because of frailty,” Mr Burns says.

“Retirees in particular need access to support services that range through matters like managing personal finance and estate affairs, negotiating the myriad of regulations that can enhance or damage wealth, setting up appropriate investment vehicles, finding suitable aged accommodation, and operating an enduring Power of Attorney,” he says.

In light of the many corporate collapses over the years, the role of Equity Trustees’ corporate fiduciary team is equally as apparent.

“In a complex financial world, the services offered by Equity Trustees for institutional clients in the areas of trustee services, responsible entity services and custody and asset administration are of increasing importance,” Mr Burns says.

“In the 125 years since Equity Trustees first began providing trustee services to Australians, society, our country and the world have all changed in many ways. Markets have risen and fallen and risen again through depression, crashes and a GFC; on the sheep’s back; technology bubbles and resources booms.

“The range of services we provide, the types of client we provide these to, and the economic and business landscape we do this in, have all also changed significantly.

“The services offered by Equity Trustees are arguably even more necessary now as our main characteristics of offering continuity and trust are becoming increasingly in demand in today’s more complex society,” Mr Burns concludes.

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Mr Boubouras was appointed to the role on an interim basis in April this year.

Mr Boubouras has over 20 years experience in the financial services industry, including time at Macquarie Bank, HSBC Asset Management, Challenger Financial Services Group, and Westpac as well as NSW Treasury. He joined EQT from UBS Wealth Management where he was head of investment strategy and consulting, responsible for research & investments across all asset classes.

Robin Burns, managing director of EQT, said Mr Boubouras has already made significant steps in enhancing EQT’s asset management capabilities and approaches.

“George was heavily involved in driving the review of our asset management and risk management activities, which resulted in the appointment of Mercer as asset consultant for both our retail and institutional businesses, and this relationship is working extremely well.

“He has also appointed the respected fund manager Paul Kasian as our head of Australian equities, adding significant strength to our asset management capabilities.

“As the regulatory, economic and political framework for the Australian financial services industry continues to change, we are particularly pleased to have someone of the calibre and experience of Mr Boubouras leading our funds management business,” Mr Burns said.

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EQT made the decision to partner with an external asset consultant to help ensure it maintains consistency in its asset management and risk management activities across its retail and institutional business units, and to assist in meeting its legislative and regulatory obligations.

Robin Burns, managing director of EQT, said that Mercer was selected following an intensive review process.

“Mercer met our strict criteria for delivering asset consultant services, including providing quality research and product recommendations, reporting and monitoring in line with our prudential obligations, and having the breadth and depth of resources, including people and technology on a global scale, to meet the needs of both our institutional and retail businesses.

“The board took the view that Mercer is best placed to assist EQT in achieving industry best practice and further enhancing the services we provide to all our clients.

“In particular, Mercer will work closely with George Boubouras in our newly created CIO role to help deliver consistent returns across all mandates,” Mr Burns said.

For EQT’s institutional business, Mercer will provide assistance and guidance to EQT’s board investment committee including strategic asset allocation advice, reporting and monitoring, and portfolio construction recommendations.

The EQT retail business partnership objectives include: investment research and approved product list construction; model portfolio construction; and adviser support.

Mr Burns said that Mercer demonstrated an in-depth understanding of EQT’s strategy, needs and fiduciary obligations, and therefore the need to provide consistency and rigour across all EQT business units.

“As a trustee company with a 125 year heritage, we take our trust and fiduciary responsibilities very seriously and Mercer showed that it could satisfy our stringent requirements in these areas,” Mr Burns said.

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“As the size of the nation’s savings and investment pool grows, the population ages, and the complexity of the regulatory environment, tax system and markets all increase, the need for advice and services, and the wealth to be advised on, are both growing,” he said. 

Mr Killen said that the results for the first quarter this year are comfortably ahead of last year’s – noting that in the same period last year, EQT had only two months of the aged care business it acquired and that some one-off expenses in the acquisition also impacted last year. 

“Having said this, markets continue to be volatile.  As a result, we find it difficult at this stage to be any more definitive about the first half result,” Mr Killeen. 

Managing director Robin Burns told shareholders that EQT had taken a number of significant steps in the long-term strategic development of the company. 

He said that the company had moved to being an integrated business with centralised support units supporting two revenue units, each solely focussed on the needs of one of the two client groups – private individuals and corporates. 

“The purpose behind these changes is to intensify our focus on growing in the wealth management sector, within the broader financial services industry. 

“We anticipate that the way the industry will change over the next few years will enhance the opportunity for companies like Equity Trustees, which have a history of high-quality personal services provided in the best interest of the client rather than of the company. 

“We expect to continue to see volatile market conditions for some time. Despite this, we have demonstrated over recent periods the ability to generate organic business growth in circumstances where many competitors or peers have struggled,” Mr Burns said. 

EQT’s corporate fiduciary and financial services business covers trustee and responsible entity services as well as fund distribution for co-branded and Equity Trustees’ investment products.  The private wealth services business includes superannuation services, personal estates and trusts, philanthropy, aged care services, and wealth management. 

Mr Burns said that while it will take several years for the changes the company has made to be fully felt, they spring from EQT’s history and values and also reflect our approach of focussing on the needs of clients so that the company can better deliver appropriate services. 

“These developments put EQT in a good position for growth,” he said. 

“The services we offer are going to be needed by an increasing number of Australians as they approach retirement and start to consider intergenerational wealth transfer. 

“Trustee companies are particularly well placed to pick up more business on these lines because of their extensive experience and expertise,” Mr Burns said.

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