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.