FOR IMMEDIATE RELEASE

Jarden and NAB to launch leading wealth advice and asset management business in New Zealand

Auckland, 14 December 2023

Jarden and NAB have today signed an agreement to combine wealth advice and asset management businesses in New Zealand. The new entity called FirstCape will be formed during 2024 with Jarden, NAB and Pacific Equity Partners (PEP) as shareholders.

Under the agreement, NAB and Jarden 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.

FirstCape brings together Jarden Wealth and JBWere NZ with Harbour Asset Management and BNZ Investment Services Limited to create a leading wealth advice and asset management business for clients in New Zealand. Malcolm Jackson, currently the CEO of Jarden Wealth & Asset Management, has been named FirstCape’s CEO.

“We’re excited to bring together four well-established, complementary businesses,” said Jackson. “Our focus is on client-adviser relationships that deliver personalised solutions to help grow and preserve wealth. Through this we will continue to build New Zealand’s leading wealth advice and institutional and retail asset management businesses.”

FirstCape will have a combined 113 advisors, NZ$29bn of funds under advice and administration and NZ$15bn of funds under management, including NZ$5bn of KiwiSaver funds under management.

“For now, JBWere, Jarden and BNZ will continue operating our respective businesses with no changes to the way we serve clients,” added Jackson.

Key benefits:

  • An enhanced client offering by providing a complete suite of services tailored to every client’s unique needs, at whatever stage of their investment life cycle.
  • The opportunity to grow the BNZ KiwiSaver Scheme by expanding product offerings, leveraging Harbour’s capability and BNZ’s distribution network.
  • Operational efficiencies through scale, supported by simplification of processes and systems, which will deliver enhanced outcomes for clients and advisers.
  • A highly experienced team with executives from Jarden Wealth & Asset Management, JBWere New Zealand, Harbour Asset Management and BNZ.

New structure:

As a result of this transaction, Jarden Wealth and Asset Management will separate from Jarden Investment Bank as flagged in October 2022.

Jarden Wealth and Asset Management will become part of FirstCape, exclusively focused on wealth advice and institutional and retail asset management. The Investment Bank will continue to focus on Advisory & Capital Markets, Equities, Research, and Energy, Renewables and Agriculture Markets.

The transaction is subject to regulatory approvals with practical completion expected to occur in the first half of 2024.

 

ENDS

About Jarden Wealth

Jarden Wealth takes care of high-net-worth individuals, family trusts, charitable trusts and companies. By getting to know you and understanding your long-term financial goals, we tailor our services to suit your personal circumstances.

Building capital requires a sophisticated approach to investment portfolios, but we seek to serve our clients with clarity and transparency. Jarden’s financial advice is backed by our leading investor team, drawing on our market research to help you get the most out of your investment portfolio.

About Harbour Asset Management

Founded in Wellington in 2009, Harbour Asset Management is one of New Zealand’s most highly rated investment managers. We take pride in delivering market-leading investment outcomes for our clients. Clients include KiwiSaver scheme providers, charitable trusts, iwi, government institutions, corporate superannuation funds and financial advisors.

About Jarden Investment Bank

Jarden is a leading investment and advisory group, offering a range of investment products and services to clients operating in wholesale and retail markets in Australia, New Zealand and around the world.

In Australia, our team has been at the forefront of investment banking and financial markets for decades, leading some of the country’s largest and most complex transactions. We are expert brokers in the competitive energy, renewables, and agriculture markets, developing and arranging trading and futures strategies. In New Zealand, Jarden has been a trusted adviser to corporations, institutions, governments, and private investors for the past 60 years.

About NAB’s wealth management businesses in New Zealand Please find NAB’s ASX announcement here.

NAB’s New Zealand wealth businesses comprise JBWere New Zealand and BNZ Investment Services Limited. JBWere New Zealand is a speciality wealth management leader in New Zealand, offering bespoke and fully customised investment solutions for High Net Worth clients (including individuals, families, business owners), for-purpose organisations, and institutional investors to preserve and enhance wealth. This includes providing timely strategic or investment solutions, access to exclusive alternative investment strategies, and building tailored portfolio solutions.

BNZ Investment Services Limited creates and offers a range of retail Managed Investment Schemes, including the BNZ KiwiSaver Scheme, YouWealth, BNZ Term PIE and Private Wealth Series managed funds. These funds are available to BNZ customers and distributed through a combination of BNZ branches, BNZ

advisers, and BNZ online channels (internet banking, mobile app). The BNZ KiwiSaver Scheme is one of six government appointed default KiwiSaver schemes.

About Pacific Equity Partners PEP is the largest and most active Private Markets Fund Manager in Australia with $8B AUM across various investment strategies. PEP funds target investments across a wide range of industries and sectors including energy, financial services, consumer products and industrial services, while partnering with management teams to deliver full business potential. PEP is celebrating its 25th year anniversary in 2023. Information on PEP and its investee companies can be found at www.pep.com.au.

MEDIA ENQUIRIES

Louisa Kraitzick, +64 21 299 2628 | louisa.kraitzick@pead.co.nz

Jill Valentine, +61 416 189 55 | jill.valentine@jardengroup.com.au