The acquisition marks Stewart Group’s first step in establishing offices outside the Hawke's Bay region.
Stewart Group has $350 million of committed funds under management.
Director Nick Stewart said the acquisition would strengthen the firm’s service and reach in the marketplace.
“Our acquisition of Red Wealth Managers is exciting on many levels. Red Wealth Managers has built a strong reputation for providing sound impartial wealth investment advice which is in-line with our business model and ethics. This will not only grow our client base, but also strengthen the depth, knowledge and experience of Stewart Group’s team.
“Stewart Group already has a number of clients in the Capital so we can now provide them with a higher level of face-to-face service from a solid base. Strong relationships are fundamental to our success and Red Wealth Managers’ owner Alan Burns is a long-time friend of our founding principal Don Stewart. Alan has more than 45 years of experience as an adviser and will bring a wealth of knowledge to the business.”
The new entity is registered as Stewart Group Wellington Limited, but will continue to trade under the name Red Wealth Managers until 2017.
The head office of Stewart Group remains in Hastings. Burns will continue as the principle Wellington adviser.
The expansion follows on from the launch last June of Boutique Advisers Alliance (BAA) service. This is an adviser-to- adviser service that offers the efficiencies of Stewart Group’s back-office functionality. There are already seven firms across the North Island using the service.
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