Jarden to hive off profitable wealth business by March 2024

“Jarden Securities intends to transfer the wealth division to a separate entity within the Jarden group,” the firm says in its annual report.

“The transfer is estimated to complete within the next 12 months upon meeting licensing conditions for the new entity,” it says.

“Intangible assets amounting to $918,000 relating to the wealth division have been reclassified to non-current assets held for disposal.”

The report shows the wealth division made a net profit of $11.1 million in the 15 months ended March 31 – the company changed its balance date from December 31.