New player enters portfolio administration market
Jacques Martin has lost the contract to administer the more than $1 billion Spicers has in its wrap account.
Wednesday, July 5th 2000, 12:00AM
Spicers Group managing director Craig Dawson says Assure NZ will take over running the more than $1 billion which is currently administered for Spicers by Colonial subsidiary Jacques Martin.
As part of the deal Assure has a license to run the JMNZ system during the change over, plus it will be getting some of JMNZ's key personnel.
"This will ensure a seamless transfer to our clients," Dawson says.
It is likely that Assure will also win the contract to administer the money New Zealand Financial Planning has with JMNZ.
Earlier this year Spicers bought a 50 per cent stake in Australian firm InvestAssure, which has two business, financial planning firm Money Monitor, and Assure.
That stake is now held by Claymore Asset Management, a holding company owned by United States-based firm Stirling Grace.
Dawson says Assure is a major player in the Australian portfolio administration market. When it takes over Spicers' New Zealand money on September 30 it will look after more than $3 billion.
Although there are already a number of dominant administration firms in New Zealand, including NZ Funds Management, JMNZ and Sovereign, Dawson believes there is room for another player.
He says Assure brings to New Zealand a more sophisticated package than what is currently being offered in New Zealand as the Australian wrap account market is more developed.
"What they are offering in the Australian market is much more advanced than what's available in the New Zealand market," he says.
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