ANZ has agreed to sell ANZ Trustees to Equity Trustees for A$150 million, creating what the two companies have termed "a new strategic relationship" for exclusive client referral and service arrangements between their respective businesses. The chief executive of ANZ's Global Wealth Joyce Phillips said: "The sale of ANZ Trustees is part of a continuing focus on the key elements of our wealth strategy."ANZ said it would retain much of the advisory and planning capability of its Trustees business within its wealth management division - namely, philanthropic advice, estate planning, investment management and alternative investment capabilities.For its part, Equity will acquire much needed long-term revenue through ANZ Trustees' 45,000-strong "will base", representing $15 billion in assets. Equity will also gain administration fees.The combined EQT group will likely generate $77 million (with $23m contributed from ANZ Trustees), according to documents filed with the ASX. EQT said it would make employment offers to ANZ Trustees' approximately 60 employees on terms "no less favourable" than they are currently employed under.Equity said the acquisition would be funded by issuing 9.4 million shares at $17 each and running a placement to "professional and sophisticated" investors to gain $37m, as well as a 3-for-4 fully underwritten accelerated, pro-rata non-renounceable entitlement offer to raise $123 million.The deal follows on from another major consolidating transaction in this niche sector, when Perpetual completed a $270 million acquisition of The Trust Company in December last year, beating rival Equity Trustees and IOOF Holdings.The transaction is expected to be completed in July 2014, subject to regulatory approval.  The gain on the $150 million sale will be booked in the second half of ANZ's 2014 financial year.