While the Perpetual Trust and wealth management arms will be operationally separate, Barnes will retain a major influence over both.
Barnes was not available for comment prior to press-time.
The Perpetual NZ news comes as its ASX-listed namesake announced a surprise A$220 million takeover offer for listed trustee firm, The Trust Company, on Tuesday.
Perpetual (Australia), which began life as a trustee company but evolved into an Australian funds management powerhouse, said the bid, subject to shareholder and regulatory approval, would be executed via a scheme of company arrangement.
The deal, trumps an offer for The Trust Company by rival firm Equity Trustees.
While marking somewhat of a return to its trustee roots, a Perpetual/Trust Co. hook-up will also benefit Perpetual's funds under management (FUM). According to a release to the ASX, Perpetual expected to increase its FUM by A$1.3 billion following a Trust Company merger.
The Trust Company owns New Zealand Guardian Trust, which it bought off Australian insurer/funds management group Suncorp in 2010.
Guardian Trust, amongst other business, has the largest share of the KiwiSaver trustee market, responsible for 12 schemes.