Forsyth Barr buys Hobson Wealth to create $30b in funds under advice
Forbarr managing director Neil Paviour-Smith says combining Hobson with Forbarr's own wealth management business will create a team of more than 220 financial advisers working from Forbarr's 25 offices around the country and take funds under advice to more than $30 billion.
Hobson has more than $4 billion in funds under management and 35 advisers.
Including all the company's staff, Forbarr will have more than 600 people, including analysts, administration and IT people.
Paviour-Smith said the price paid is confidential but was “a mix of shares and cash.”
There is no earnout included.
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