FNZC chief executive James Lee said the two businesses were a perfect fit for each other.
“OMF’s strong expertise in derivatives, foreign exchange, carbon, commodities and futures complements our offerings at FNZC,” Lee said.
“We’ve been investing in FNZC to create New Zealand’s leading capital solutions group. This transaction is part of that strategy. There is limited overlap in what the two firms provide, so with OMF joining our business we will be able to offer the clients of both companies an even better range of products and services.
“Derivatives are a natural tool to hedge risk in a volatile world and it makes sense for FNZC to have the capabilities to offer these products to our clients.
“We began discussions with OMF in April 2017. The team and the business impressed us from the outset, so we are thrilled about OMF joining us.”
OMF is New Zealand-owned and operated, with operations in New Zealand and Australia and was founded in 1987.
As part of the transaction FNZC will acquire 100% of OMF from its existing shareholders following the completion of a restructure to separate OMF’s wholesale interbank broking business into a separate entity, which FNZC is not acquiring.
OMF chief executive Matt Blackwell said the transaction would offer clients a more diverse range of investment opportunities and services under one roof.
“All the people at OMF have worked incredibly hard to build a great business. It’s fantastic to see this recognised with FNZC’s interest in what we’ve accomplished,” he said.
“All OMF staff, excluding those in OMF’s wholesale interbank business, will join FNZC as part of the transition. We look forward to a great collaboration.”
OMF will continue to operate as a separate brand and business based out of their headquarters in Britomart.
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