Macquarie buys NZ planning business
Macquarie Financial Services has agreed to purchase the New Zealand financial planning business of accounting giant PricewaterhouseCoopers (PWC).
The New Zealand arm of PWC has six financial advisers - based in Auckland, Christchurch and Dunedin - but had indicated that it wanted to exit the financial planning business.
Announcing the deal yesterday, Macquarie Financial Services head Peter Coleman said the group had been seeking to expand its wealth management presence in New Zealand.
Prior to the deal, Macquarie had 31 financial advisers in New Zealand.
“Agreement between the two companies was reached when it became clear PWC planned to exit the financial planning business, while Macquarie planned to expand its wealth management services in New Zealand,” Coleman said.
The PWC advisers are expected to start with Macquarie on January 31, 2005, after the purchase is finalised.
AUTHOR
George Liondis
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