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Changes afoot at Money Managers

Changes are underway at Money Managers which will see the ownership of the business change.

Friday, March 7th 2008, 5:26AM
Founder Doug Somers-Edgar, and his wife Anne, who own the firm, are handing control to a group including staff, franchise owners and NZ Funds Management.

Doug Somers-Edgar has taken the decision to step down from his role as chairman and retire from his involvement in running the business.

"The shareholders of NZ Funds have recently entered into an agreement with Doug and Anne while will see the stewardship of Money Managers business transition to a new shareholder group," NZ Funds director Richard James says.

This group will comprise senior Money Managers employees and key franchise owners.

The new shareholders will also include and be supported by NZ Funds.

"NZ Funds is fully committed to working with financial advisers in New Zealand," James says.

NZ Funds has managed money for the firm for many years, originally helping it establish the first successful master trust in New Zealand.

The firm has around $500 million, or around about one third of Money Manager's clients' assets.

"While our relationship with Money Managers is expanding we will continue to push forward and develop and grow our relationships with other independently owned advisory firms across all sectors of the industry."

NZ Funds has a number of key relationships including with the Lodestar group and PAN, a service for chartered accountants.

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