NAB and Jarden Wealth to launch New Zealand wealth & asset management business

Share

Share

National Australia Bank Limited (NAB) and Jarden Wealth and Asset Management Holdings Limited (Jarden Wealth) have 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 (Proposed Transaction).

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 Proposed Transaction, NAB and Jarden Wealth will each receive a cash payment along with a retained shareholding of 45% and 20% respectively. PEP will acquire a 35% stake, with its investment used to fund the payments to NAB and Jarden. The new entity will be called FirstCape.

NAB Executive Private Wealth and CEO JBWere Michael Saadie said: “We’re pleased JBWere New Zealand will be part of a leading asset management and wealth advisory business. At the same time, we are committed to continuing to grow our JBWere business in Australia, which is a critical part of NAB’s integrated High Net Worth offering.”

The ASX statement can be found here.

 

Announcements

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

Related Articles

  • Media Release

NAB releases Q1 trading update

  • 21.02.2024
  • Time to read 1 min read
  • Business

NAB’s Green Finance for Commercial Real Estate to help customers reduce emissions, build climate resilience

NAB has launched Green Finance for Commercial Real Estate (CRE) to help support investment in – or the development or retrofit of – eligible, commercial buildings.

  • 14.02.2024
  • Time to read 2 min read
  • Business

NAB’s Adelaide HQ welcomes even more workers back to the CBD

NAB has unveiled its new Adelaide headquarters, supporting a revitalised CBD and setting a new sustainability benchmark for South Australia.

  • 09.02.2024
  • Time to read 2 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.