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UK firm takes 50% stake in NZAM

LJ Partnership, a UK-based investment firm, is taking a half-share of NZAM, as part of its expansion strategy.

Wednesday, September 12th 2018, 6:00AM

The move is via its New Zealand subsidiary, LJ Partnership, which is a joint partnership with Tailorspace, an investment arm of the Ben Gough Family Office.

Alan McChesney, executive drector of NZAM, said: “We are already in discussions with a number of parties, including clients, who are interested in the prospective opportunities that this strategic relationship brings.

“This relationship enhances NZAM’s global reach, providing us with access to LJ Partnership’s international investment management and research capabilities via their 2016 purchase of Guggenheim Investment Advisors in Asia, US, Latin America and Switzerland, and Deloitte’s investment advisory business in London.

“In particular, it gives us access to portfolio management teams in the US, Europe and Asia, serving to enhance the qualitative and quantitative aspects of our research process.

“LJ Partnership’s absolute return investment approach also complements NZAM’s investment philosophy and will provide us with the capability to offer our clients a much broader range of offerings and co-investment opportunities, particularly in the private debt and property related areas,” he said.

LJ Partnership’s co-founder and current co-chairman, Andrew Williams, will join the NZAM Board as chairman. Having recently located to Auckland, Williams is overseeing growth in Asia and Australasia, with additional new offices planned imminently for Singapore, and Sydney.  Earlier this year, LJ Partnership appointed Ken Costa, the former chairman of Lazard International as co-Chairman, based in London.

This is the latest in a series of mergers and acquisitions made by LJ Partnership as it continues the expansion of its global investment management business.

“We are delighted to announce this strategically important expansion of our business and the launch of additional services and investment opportunities for our clients in Australasia. With a presence now well established in Auckland, we have ambitious aspirations for further growth in Australasia and Asia and will be actively pursuing acquisition opportunities in the local funds and wealth management market,” Williams said.

Brett Gamble, chief executive of Tailorspace, will join the NZAM Board as a non-executive director along with Elliot Shave, CFO LJ Partnership, based in London. Jonathan Mason remains an independent director of NZAM, alongside Simon Tompkins and Alan McChesney as directors.

Tags: NZAM

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ANZ 5.79 4.45 4.79 4.99
ANZ Special - 3.95 4.29 4.49
ASB Bank 5.80 ▼4.44 4.69 ▲4.89
ASB Bank Special - ▼3.95 4.29 ▲4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.15 ▼3.99 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
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Credit Union Baywide 6.15 5.20 5.25 -
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Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
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Heartland Bank - Online - - - -
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Housing NZ Corp 5.80 4.69 4.79 4.79
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HSBC Premier LVR > 80% - 3.85 - -
HSBC Special - - - -
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ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
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Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
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Last updated: 15 November 2018 10:05am

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