Listed financial services group Dorchester Pacific has acquired Auckland-based Save and Invest Group for $2.8 million.
Save and Invest, which specialises in superannuation schemes, is headed by former Southpac Investment Management chief investment officer Rob Walker.
Included in the purchase is the group's financial planning and personal savings arm Super Bonds Ltd.
Dorchester Pacific managing director Brent King says Save and Invest will be integrated with Invincible Life, a company which specialises in reverse annuity mortgages.
Dorchester bought Invincible in December 1999. (It also owns, financial planning firm Equity, sharebrokers Direct Broking and a number of finance companies).
"We were very pleased to be offered the opportunity to purchase Save and Invest as we believe the two businesses (Save and Invest and Invincible) have significant synergies," King says.
"Save and Invest offers a savings plan and various superannuation products which are complimentary to Invincible Life."
"We will see some rationalisation in infrastructures between the two businesses, however we do not expect any redundancies as Invincible Life had significantly reduced staff since its transfer to Auckland in August."
Save and Invest was established in 1982 as New Zealand Pension Plans and now has assets of $28 million.
Walker said in late 1999, when the company rebranded itself, that Save and Invest accounted for more than 3% of all contributing members to registered superannuation funds in New Zealand.
"We actually process about 30,000 contributions each month and this evidence reveals Save and Invest is an important player in the New Zealand retirement savings industry, especially now that corporate employer sponsored schemes are declining in popularity."
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