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Plan B Acquires New Zealand Wealth Management Firm
Sourced from: Plan B Financial ServicesPlan B, one of the largest wealth-management advisory firms in Australia, is pleased to announce its acquisition today of Strategic Asset Management (SAM), a leading New Zealand wealth management firm. Perth-based Plan B, which has more than 19,000 clients and $1.4 billion in its own fund management company, already manages $130 million of client funds for SAM. Today's deal consolidates a relationship, which has already been in place for 2 years.
Strategic Asset Management is a medium size wealth management firm in the New Zealand market, providing a range of wealth management solutions to private and institutional investors, fiduciaries and professional service firms. The company services 400 clients from offices in Auckland, Wellington and several other provincial centres.
Denys Pearce, Group Managing Director of Plan B says: "We already have an excellent working relationship with Strategic Asset Management and are delighted to be taking it one step further. The two companies share a client-centric philosophy and the same approach to asset-class investing. Together, we now have a much wider footprint in the Australasia region."
Alex Fowler, Managing Director of Strategic Asset Management says: "Our clients already benefit from the outstanding account administration, reporting and investment management provided by Plan B. We see further benefits flowing to them from the innovative tools and thinking provided by Plan B, as well as through their affiliation with the US-based Zero Alpha Group."
As an established brand in the New Zealand market, there are no plans to change the name of Strategic Asset Management. The company's reporting structure and staff head-count will also remain unchanged in the short to medium term.
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