SBS Bank's managed funds and investment advisory business, Funds Administration New Zealand Ltd, is taking a 50% stake in Staples Rodway Asset Management, and will manage its KiwiSaver scheme from March 31.
In a statement SBS and Staples Rodway said this was part of a strategic alliance to work together in wealth management. They said Staples Rodway Asset Management will continue to operate independently with its own board and all staff will be retained. As of January, Staples Rodway Asset Management had $53.1 million of KiwiSaver funds under management.
No terms of the deal have been disclosed.
“We will be looking to build on the strong platform and reputation Staples Rodway has built in the investment and advisory space. We believe Funds Administration NZ can add value and lower costs for investors through our existing size capability and scale. The strong Staples Rodway proposition for investors with portfolios over $1 million in assets, complements our existing capabilities and will be marketed to our New Zealand wide member base," SBS CEO Wayne Evans said.
Staples Rodway New Zealand chairman Peter Guise said both entities want to develop long-term relationships that add value to clients, rather than develop a transactional relationship with a here today, gone tomorrow attitude.
SBS owns 85% of Funds Administration NZ, which launched in 2002, and has put and call options to lift this to 100% over five years.
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