Already a subscriber?Jarden Group’s shareholders overwhelmingly voted in favour of selling its New Zealand-based wealth and asset management business, providing much-needed capital into the business, and a greater share of cash for its Australian investment bank.
The transaction, which valued FirstCape at $NZ700 million , still required regulatory approval.Louise Kennerley Jarden said on Thursday that FirstCape will house 113 wealth advisers, $NZ29 billion of funds under advice and $NZ15 billion of funds under management , which includes $NZ5 billion of KiwiSaver FUM.The sale comes at a crucial time for its local investment bank. Spearheaded by co-chief executives Sarah Rennie and Aidan Allen, Jarden’s Australian arm dragged down profits for the broader group after the investment bank logged an $NZ8.
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