About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Sunday, August 2nd, 8:40PM
rss
Latest Headlines

Spicers sold

One of New Zealand's biggest financial planning firms, Spicers, has been sold for more than $245 million.

Wednesday, October 17th 2001, 9:48PM

by Philip Macalister

AXA has bought Sterling Grace Portfolio Management, the company that owns Spicers in New Zealand, for more than $245 million (A$201 mill).

The deal makes AXA the biggest investment management business in New Zealand with about 13% of the market.

Sterling Grace Portfolio Management is 73% owned by US company Sterling Grace. The business has A$2.6 billion under management and includes Spicers Portfolio Management and Arcus Investment Management in New Zealand, Monitor Money in Australia, and Australasian administration firm Assure.

As reported earlier on Good Returns, Sterling Grace had an information memorandum in the market place essentially seeking expressions of interest.

The company's default option was a sell-down to secure a new cornerstone shareholder and then to do an IPO on the Australian Stock Exchange early next year.

In the end AXA came along with a sweet enough deal to ensure it acquired the business lock stock and barrel.

While AXA hasn't officially announced its plans, Good Returns understands it will keep the business as a separate entity and continue to run it as it is.

Sterling Grace was looking to raise capital to help it expand and to buy the 50% of Monitor Money it didn't own.

AXA on the other hand has been actively looking to grow its funds management and advisory business in Australia and New Zealand.

"Over the past two years we have set out a very clear strategic focus for AXA Australia and New Zealand focused on wealth management and financial protection," AXA group chief executive Les Owen says.

"The acquisition of Spicers and Monitor Money represents a major step forward in implementing our strategy."

"In New Zealand, Spicers and AXA will, together, be the pre-eminent retail investment manager and provider of financial planning services with around 13% market share in funds under administration. The acquisition of Monitor Money will accelerate our growth and penetration into the independent financial planning market in Australia".

Sterling Grace has 62 in house advisers and 26 offices throughout New Zealand, and 26 in house advisers and 9 offices in Australia.

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« Intl shares in favour: AMP HendersonSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Massey calls for Act overhaul
    “@tash if these "experts" understood or at least willing to listen to us, we will not be having this dialogue in the first...”
    1 day ago by w k
  • HSBC does it again
    “Apologies for the typo - the above should read "$1.020m for two years at 4.69%"...”
    2 days ago by Laurie
  • Obituary - Bob Edwards
    “I had the experience of working closely across the table from Bob as an AXA representative negotiating adviser terms with...”
    2 days ago by Ros Hogguer
  • HSBC does it again
    “Great rate - but it's important to point out that there is no cash contribution. Today I negotiated a $10,000 cash contribution...”
    2 days ago by Laurie
  • FMA takes action against Milford trader
    “Goodness me, if the FMA are going to prosecute for “trading that manipulates the closing price” and “trading conducted...”
    2 days ago by Brent Sheather
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.24 5.10 5.59 5.59
ANZ Special - 4.89 4.99 -
ASB Bank 6.50 ▼5.05 ▼5.25 ▼5.35
ASB Bank Special - ▼4.69 ▼4.89 ▼4.99
BankDirect 6.50 ▼5.05 ▼5.25 ▼5.35
BankDirect Special - ▼4.69 ▼4.89 ▼4.99
BNZ - Mortgage One ▼6.65 - - -
BNZ - Rapid Repay ▼6.24 - - -
BNZ - Special - - ▼4.69 -
BNZ - Std, FlyBuys ▼6.24 5.19 5.39 5.29
BNZ - TotalMoney 5.99 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
HBS Bank 6.14 5.39 5.39 5.39
HBS Special - 4.99 4.99 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.10 5.40 -
Housing NZ Corp 6.49 5.19 5.49 5.59
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.89 4.89 ▼4.99
HSBC Premier LVR > 80% - - - -
HSBC Special - ▼4.49 ▼4.49 ▼4.49
ICBC 6.75 5.99 6.39 -
Kiwibank 6.15 5.39 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.99 5.39
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.70 5.65 5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.60 5.39 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.84 5.60 5.65 5.79
SBS Bank 6.14 5.39 5.39 5.39
SBS Bank Special - 4.99 4.99 4.99
Sovereign 6.35 ▼5.05 ▼5.25 ▼5.35
Sovereign Special - ▼4.69 ▼4.89 ▼4.99
The Co-operative Bank 6.20 4.89 4.99 5.20
TSB Bank ▼6.24 5.45 5.49 ▼5.40
TSB Special - - 4.99 5.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac ▼6.15 5.39 5.39 5.59
Westpac - Capped rates - ▼6.15 ▼6.15 -
Westpac - Offset ▼6.15 - - -
Westpac Special - - ▼4.69 -
Median 6.45 5.19 5.39 5.39

Last updated: 31 July 2015 11:25am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com