First Mortgage Trust confirms Capital Group deal
Non-bank lender First Mortgage Trust has confirmed its management company has been taken over by the private equity firm Capital Group. The announcement comes after TMM Online revealed the deal on Friday.
Monday, February 4th 2019, 1:39PM
FMT has announced First Mortgage Managers Limited, which manages the FMT loan book, has been sold to the Auckland-based private equity firm.
TMM Online revealed on Friday that Capital Group had agreed a deal to take control of the non-bank lender. Speaking on Friday, Capital Group director Greig Allison said his firm would invest with "a long term view".
Capital Group invests in a broad range of real estate assets, from apartment blocks to loan books.
First Mortgage Managers manages funds on behalf of FMT. FMT, was founded in 1996 as the successor to five regional law firms' nominee companies and has grown to hold $770 million in funds under management.
The sale will not impact the way FMT's funds are run, and Capital Group has given FMT management its full backing.
FMT says it will continue to lend only on first registered mortgages on residential, commercial, and rural land and buildings. Peter Washer, chairman of First Mortgage Managers, said it would be "business as usual within the organisation".
FMT CEO Tony Kinzett (pictured), added: "While this news does represent change at an ownership level of the management company, we are pleased that it remains ‘business as usual’ with no change to office locations, and a continued unchanged lending policy for our valued clients."
| « Capital Group takes control of First Mortgage Trust | Royal Commission calls for adviser remuneration overhaul » |
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