Macquarie Financial Services has entered into an agreement to buy PwC’s New Zealand financial planning business.
The purchase of the PwC business, which comprises six financial planners based in Auckland, Christchurch and Dunedin as well as one support staff member, will be made by Macquarie Equities New Zealand.
Two of PwC's senior planners, Susanna Stuart and Deborah Carlyon, announced earlier this week they had left the firm and established their own boutique advisory business
The Head of Macquarie Financial Services Group in New Zealand, John Rowley, said this purchase was an exciting expansion for Macquarie’s New Zealand Wealth Management business.
He said Macquarie had a commitment to building its presence throughout the country.
“Reaching an agreement with PwC to buy their high quality financial planning business and to be able to retain the services of their expert financial planners will complement Macquarie’s existing team of experts who operate throughout New Zealand,” Rowley said.
PwC New Zealand chief executive Warwick Hunt said the company was wanting to exit the financial planning business and wanted to do it in a way that would not in any way disadvantage its clients or its advisers
“By reaching agreement with Macquarie we have guaranteed continuity of expert services to our clients, who will retain their current financial advisers, as well as favourable employment for our advisers.”
The Macquarie team will continue to be headed up by present PwC partner and financial adviser, Brent Procter.
Procter will report directly to John Rowley.
Rowley said that the PwC team will join Macquarie Financial Services’ 31 financial advisers who are based in Auckland, Wellington and Christchurch.
“This expansion of our expert team means we will be able to continue to expand the full range of financial services and products that we provide to our clients,” Rowley said.
The purchase will be finalised during the next few weeks with the PwC advisers expected to start with Macquarie on 31 January 2005.
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