Harts sold

Little listed New Zealand financial services company Dorchester Pacific has bought the financial planning business of Harts.

Dorchester Funds Management, a wholly owned subsidiary of the listed company, has bought Harts for an undisclosed sum.

Dorchester already owns Equity Investment Advisers and Sharebrokers (formerly owned by Phil Briggs), Direct Broking and Save and Invest.

Dorchester Pacific managing director Brent King says Harts is complimentary to the company's existing operations.

"We see this opportunity will allow us to further develop our investment advisory business," King says. "New Zealanders are seeking advice from financial advisors owned and operated by New Zealanders who are independent from the major fund managers."

"Dorchester has continued to develop its financial services products. In recent times we have experienced a significant number of people seeking to obtain independent quality advice on where they should invest their funds given the very uncertain economic outlook."

The events in New York and Washington have had a significant effect on investor thinking, he says.

The acquisition will not affect any staff, management or client contracts. King says the acquisition creates opportunities for growth and development of the Dorchester business.

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