Media release
29 October 2026
Public Trust, the Government-owned trustee business, has reported net profit before tax of $10.1 million on revenue of $88 million for the year ended 30 June 2026. The result reflects strong performance across Public Trust’s broad remit, supported by favourable investment market conditions. The Board has approved a $7 million capital distribution to the Crown. Chief Executive Glenys Talivai’s tenure will conclude on 30 June 2027, after eight years leading the organisation.
Performance highlights
$88.0 million annual revenue (FY25: $85.6 million)
$10.1 million net profit before tax (FY25: $6.5)
$7.0 million capital distribution to the Crown (FY25: $2.25 million)
$1.7 billion investment funds under management as at 30 June 2026 (FY25: $1.5 billion)
$151.2 billion Corporate Trustee Services consolidated funds under supervision as at 30 June 2026; $73.5 billion of which is KiwiSaver. (FY25: $128.6 billion; $57.9 billion)
Chief Executive Glenys Talivai said the financial result reflected disciplined execution across Public Trust’s business.
“FY26 was a year of strong delivery across Public Trust’s broad remit. We helped thousands of New Zealanders plan for the future, supported vulnerable people who can no longer manage their own financial affairs, and provided independent oversight across KiwiSaver and managed funds. We invested in the capability and technology that will support future growth and achieved a solid financial result.”
Corporate Trustee Services was a significant contributor to the revenue result, supported by favourable global investment market conditions, with funds under supervision rising to $151.2 billion at year end. Growth was also reflected in Public Trust’s investment funds under management, which reached $1.7 billion at year end.
“Cost-of-living pressures continued to shape customer decisions, with some New Zealanders postponing important planning for the future,” said Talivai. “Even in this challenging environment, demand for wills and enduring powers of attorney remained resilient.”
Customer adoption of online channels continued to grow, with three-quarters of wills now made online. During the year, Public Trust launched an industry-first KiwiSaver early withdrawal application platform in response to record financial hardship volumes, helping providers deliver faster decisions and an improved experience for members seeking support.
“The growth in digital uptake reinforces our strategic focus on services that are more accessible, relevant and responsive to customer needs,” said Talivai.
“Trusted, independent fiduciary services remain as important as ever as New Zealand faces economic uncertainty, an ageing population and a significant generational wealth transfer.”
Chair Karen Price said the FY26 result demonstrated Public Trust’s delivery against the expectations of its shareholding Ministers: strong commercial performance, effective delivery of its responsibilities and an appropriate return to the Crown.
“2026 has been a year of progress. Public Trust continued to advance its strategy, compete in the market and fulfil its commercial, fiduciary, statutory and public-purpose responsibilities.
“The Board determined a $7 million distribution to the Crown after assessing Public Trust’s financial position and capital needs. We assessed what could responsibly be returned while retaining sufficient capital for operations, resilience and future investment. The amount also reflects the particular circumstances of this year, including the recognition of a deferred tax asset.”
Looking ahead, Price said Public Trust was well positioned to respond to the significant demographic, economic and social changes facing New Zealand.
“As New Zealand enters a period of generational change, our role in helping people plan, protect and pass on what matters becomes even more important. The Board has set a clear direction for strengthening Public Trust’s relevance, accessibility and performance so we can continue meeting the changing needs of New Zealanders.”
Chief Executive, Glenys Talivai to leave Public Trust on 30 June 2027
Public Trust has also announced that Chief Executive Glenys Talivai will leave on 30 June 2027, after more than eight years leading the organisation.
Price paid tribute to Talivai for the significant impact she has made at Public Trust.
“Glenys has made an outstanding contribution. Under her stewardship, Public Trust has become a more modern, customer-centric organisation, and today’s results reflects the culmination of sustained progress across the business over many years.
“She’s always brought a strong focus to our customers and our people. The Board has enormous respect for what Glenys has accomplished and is very grateful for the leadership, commitment and energy she has brought to Public Trust.”
Talivai said leading Public Trust has been a privilege. “The special thing about the organisation is that we measure many of our relationships in decades, not years. I’m incredibly proud of the difference we make for the people we serve and of the team that will continue that important work. Public Trust is in a really good place and, after eight years, it’s the right time for me personally to consider my next professional challenge.”
Talivai will remain as Chief Executive until 30 June 2027, providing continuity while the Board undertakes the process to appoint her successor. A formal recruitment process is underway, with the Board focused on ensuring a smooth and well-managed leadership transition.
The FY26 Annual Report is available online here.
ENDS
Images of Chair Karen Price and CEO Glenys Talivai are available on request.
Media, please contact: Georgie Hills, Head of Communications, phone 0212593016, [email protected]