Mint Asset Management eyes up the adviser market
With a new shareholder Mint Asset Management looks at new products and buying advice firms.
Tuesday, November 2nd 2021, 7:12AM
Mint has sold down part of its business to a private investment group as well as getting an additional $200 million to manage for the NZ Superannuation Fund. Its goal is to be the country's leading independent investment and wealth management group.
Mint has been managing a portfolio of around $500 million for the Super Fund since July 2015. That mandate has been increased by another $220 million.
"We welcome (the guardians of the NZ Super Fund) GNZS's recognition of our robust investment process, team expertise, good governance and long-term performance, as we continue to deliver against this expanded mandate," Mint managing director and founder Rebecca Thomas says.
Mint's employee shareholders have sold down a stake in the company to Ascentro Capital Partners with a view to building New Zealand’s leading independent investment and wealth management group.
How much Ascentro has invested in the business has not been disclosed.
The key shareholding change is that Thomas sees her stake fall from 80% to 52%. Some of the smaller shareholders have seen their stakes increase due to the early vesting of options.
Thomas says she has had many approaches from suitors wanting to invest in the company, however she chose Ascentro after personally investing with the company.
While Ascentro is new to funds management it was attracted to the industry and Mint "because of our focus on delivering exceptional client outcomes, the capability of our team, our culture and strong governance," Thomas says.
Mint and Ascentro have established Amplifi Group, which has the strategic objective of building a diversified investment and wealth management group, offering best in breed portfolio construction and investment management, whilst ensuring that Mint and other operating companies maintain and enhance their core DNA.
Thomas said “we have chosen to work with a local New Zealand-based partner with an impressive track record of growing New Zealand companies by providing expansion capital.
"We will continue to maintain and develop Mint’s investment philosophy, process and team with a focus on delivering additional value to our clients."
Thomas says the first initiative will be be to develop products for the ultra-high net worth market.
It is also interested in acquiring other funds management business and was one of three bidders for the Hunter business which was recently sold to Harbour Asset Management.
The business is also looking to get into the distribution side of the industry and acquire financial planning firms.
Thomas says both of these initiatives "validate Mint’s track record of delivering exceptional client outcomes and will enable us to grow our investment team and enhance our product line up whilst also maintaining our high levels of investment expertise, processes and client service."
Thomas also said portfolio manager Carlie Eve is leaving the firm at the end of the year, but will remain a shareholder. Head of investments, Anthony Halls will pick up responsibility for managing the property fund.
Mint will be looking to grow its team following the investment from Ascentro.
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