PIS seals deal with risk group
Professional Investment Services (PIS) has formed a joint venture with risk advisory group Minerva that will create a business of more than 150 advisers.
Wednesday, December 9th 2009, 10:29PM
by David Chaplin
PIS managing director David Keys said the marriage of the 45-strong Minerva group with the 107 PIS advisers would enable the merged business to offer a "terrific package".
"We will combine the services of the two groups as an enhanced offering to the network."
He said the deal would offer "scale" and "enhance relationships with suppliers".
"The new venture will be positioned as the leader in adviser development for those who wish to grow their businesses in the new regulated environment and continue to look for growth further opportunities," PIS says.
It says the knowledge and resources of its Australian parent will help advisers adjust to the new regulated environment.
Keys said while PIS tipped in a "small amount of capital" the two groups would operate as "equal partners" in the new business, which carries the working title of PIS Minerva.
Under the terms of the deal existing advisers in both groups would continue to operate under their current agreements while any members who signed on after implementation - expected in January - will be offered a new contract.
Keys says the deal applied to insurance advice only.
He said while all of the group's advisers provide advice on insurance those who also offer financial planning and investment advice would continue to do so under the PIS brand.
Minerva, headed by Auckland adviser Maurice Trapp, specialised in the business insurance market, the PIS statement said.
Last year the Australian-based PIS attempted a buy-out of risk advisory firm Newpark Financial Services, however, the deal fell over after protracted negotiations.
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