AMP buys Roost
AMP Financial Services has agreed to buy the Roost mortgage broking business for an undisclosed amount.
Monday, April 30th 2007, 7:01AM
Under AMP's ownership Roost will continue to operate as a separate entity and will continue to be managed from Dunedin by Roost’s founder and managing director, Miranda Caird.
The transaction will see AMP continue the development of the Roost brand and look to broaden Roost’s strong mortgage proposition to its nationwide network of 32 franchises to include insurance and other products.
Roost will sit alongside AMP's adviser network which has 353 advisers in 80 businesses around New Zealand. Roost Franchises will join AMP Adviser Businesses to become the only mortgage brokers in New Zealand able to offer the recently announced AMP Home Loans.
AMP managing director Greg Camm says the acquisition supports the growth aspirations of AMP.
"AMP has ambitious growth aspirations and this new channel will help deliver on our commitment to help more New Zealanders than ever before achieve financial security.”
“We haven’t made this investment in Roost to see it come second” says Camm. “We see an opportunity to add serious value to the franchise system for both customers and franchisees.”
Caird says a "key driver has been that AMP can help add real value to our franchisees’ businesses with their insurance capability and resources. It has taken some time to find like- minded people within the insurance industry keen to work with Roost to find a solution for franchisees.
“The AMP proposition gives Roost Franchisees the ability to provide insurance options from a range of providers as they already do with mortgages."
Roost was formerly Mortgage Choice NZ.
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