Partial buyback of PIS NZ?

PIS chief executive

6 September 2007
| By Sara Rich |
image
image
expand image

Robbie Bennetts

Professional Investment Services (PIS) chief executive Robbie Bennetts has hinted at a possible 20 per cent buyback of PIS New Zealand (PIS NZ) stock by the Australian parent company.

Pending New Zealand regulatory approval and the Professional Investment Holdings board’s sign off, the transaction would value PIS NZ shares at five times their issue value.

Bennetts flagged the deal at the New Zealand dealer group’s annual conference recently, describing it as a sign of the company’s faith in the future growth of PIS NZ.

“This underpins PIS’ business model of sharing our wealth not just with the upper echelons of management but advisers and all those connected with the group,” he said.

“It also provides further incentive, given the operation’s rapid growth, for New Zealand advisers and staff who haven’t bought shares to consider investing in PIS NZ.”

PIS NZ boasts 60 advisers and NZ$230 million (A$197 million) in funds under management.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

1 month 3 weeks ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 months ago

Interesting. Would be good to know the details of the StrategyOne deal....

2 months ago

SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positiv...

2 weeks 3 days ago

Original bidder Bain Capital, which saw its first offer rejected in December, has returned with a revised bid for Insignia Financial....

1 week 3 days ago

The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would a...

1 week ago

TOP PERFORMING FUNDS