About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Monday, April 21st, 4:14PM
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
  • Spicers' restraint of trade draconian
    “Yes, a self employed contractor may be dealt with differently than a franchisee in regard to your point made where there...”
    4 days ago by Michael Donovan
  • Pricing chaos in home loan market
    “Why has New Zealand consistently have the highest interest rates in the western world? Why does areas outside of Auckland...”
    4 days ago by Richard
  • Financial literacy tools reach teachers
    “While there are fools and entrepreneurs, there will always be financial inequity. Everyone knows that hire purchase is expensive,...”
    5 days ago by Andy
  • Call for advisers to audit each other
    “Maybe a senior adviser would have good back ground knowledge of the audit requirements and not be a newbie in the audit game,...”
    5 days ago by Gerald Gates
  • Call for advisers to audit each other
    “Thank you Nigel for going into Bat once again for us. I am an AFA specializing in the Family Market, therefore mostly Presenting/Promoting...”
    5 days ago by Lyall Daines
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 6.49 5.69 6.29 6.40
AMP Home Loans $200k+ 6.39 5.59 5.99 6.30
AMP Home Loans LVR <80% - - 5.99 -
ANZ 5.99 5.85 6.49 6.85
ANZ LVR > 80 5.99 6.35 6.99 7.35
ANZ Special - - 5.95 -
ASB Bank 6.00 5.85 6.49 6.85
ASB Bank Special - - - -
BankDirect 6.00 5.85 6.49 6.85
BankDirect Special - - - -
BNZ - Classic - - 5.95 -
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.19 5.85 6.29 6.29
BNZ - Mortgage One 6.60 - - -
BNZ - Rapid Repay 6.19 - - -
BNZ - Std, FlyBuys 6.19 5.85 6.29 6.29
BNZ - TotalMoney 5.99 - - -
Credit Union Auckland 6.20 - - -
Credit Union Baywide 5.85 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Fidelity Life 5.70 5.40 6.00 -
Lender Flt 1yr 2yr 3yr
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 5.90 ▲5.60 ▲5.99 ▲6.35
HBS LVR > 80% - - - -
Heartland 5.95 6.25 6.50 7.10
Heretaunga Building Society 5.75 5.50 6.30 -
Housing NZ Corp 5.75 5.50 6.30 6.40
HSBC Premier 6.24 5.59 6.29 6.55
HSBC Premier LVR > 80% - - - -
HSBC Special - - 5.79 -
Lender Flt 1yr 2yr 3yr
Kiwibank 5.90 5.69 5.99 6.40
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 5.60 - - -
Kiwibank LVR > 80% - - 6.29 6.40
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.45 5.95 6.60 -
NZ Home Loans 6.10 5.69 6.29 6.60
Perpetual Trust 7.70 - - -
RESIMAC - lo doc 7.34 7.14 7.49 8.05
RESIMAC LVR < 80% 5.84 5.64 5.99 6.55
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 85% 6.84 6.64 6.99 7.55
RESIMAC LVR < 90% 7.84 7.64 7.99 8.55
SBS Bank 5.90 ▲5.60 ▲5.99 ▲6.35
SBS LVR < 80% - - - -
Silver Fern 5.95 6.10 6.55 7.05
Southern Cross 5.95 6.25 6.50 7.10
Sovereign 6.10 5.85 6.49 6.85
Sovereign Special - - - -
The Co-operative Bank 5.95 5.65 5.99 6.35
TSB Bank 6.04 5.40 5.99 6.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.74 5.85 5.95 6.85
Westpac - Capped rates - 6.19 6.69 -
Westpac - Offset 5.74 - - -
Median 6.00 5.85 6.29 6.85

Last updated: 15 April 2014 9:01am

News Quiz

Who delivered FMA's quarterly briefing in Auckland last week?

new chief executive Rob Everett

Head of Enforcement Belinda Moffat

Head of Compliance Monitoring Elaine Campbell,

Chairman Simon Allen

MORE QUIZZES »

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