NAB in major NZ advice/wealth management deal
National Australia Bank is back in the wealth management business, in New Zealand at least.
NAB announced to the Australian Securities Exchange (ASX) today that it, Jarden Wealth and Asset Management Holdings Limited had agreed to combine their New Zealand wealth advice and asset management businesses into a newly formed entity in which NAB, Jarden Wealth and Pacific Equity Partners (PEP) will be the shareholders.
It said the proposed transaction will bring together NAB’s JBWere New Zealand and BNZ Investment Services limited businesses together with Jarden Wealth and Harbour Asset Management to create a leading advice and asset management business for clients in New Zealand.
Under the proposal, NAB and Jarden Wealth will each receive a cash payment along with a retained shareholding of 45% and 20% respectively with PEP acquiring a 35% stake with its investment used to fund the payments to NAB and Jarden.
It said the new entity will be called FirstCape.
The new business would have a combined 113 advisers with NZ$29 billion of funds under advice and administration and NZ$15 billion of funds under management.