Pyne Gould Corp-owned Perpetual Group in New Zealand has shed its corporate trust unit in a management buy-out for an undisclosed sum.Perpetual risk management executive Kim von Lanthen has bought the corporate trust business, which supervises almost 300 entities including KiwiSaver funds, retirement villages, securities issuers and managed funds, and his new entity will operate as Foundation Corporate Trust.Perpetual will retain responsibility for entities that are in receivership or liquidation, though Foundation will manage those on commercial terms.Perpetual's former head of corporate trust Matt Lancaster will take on the managing director role, and former Pyne Gould chairman Sam Maling will head the board as an independent chair. Von Lanthen will take the remaining director's role.- BusinessDesk