Harts’ financial planning ambitions in New Zealand have ended with the announcement that its business, which has already been put into the hands of a receiver, has been sold.
Listed New Zealand financial services company Dorchester Pacific has bought Harts financial planning and contributory mortgage business for an undisclosed sum.
Although Dorchester won the race to buy the business, which has about NZ$300 million in funds under management, a number of other players were in the running, including AXA and Tower. It is understood that rival financial planning firm Money Managers also had a crack at buying the business.
Dorchester has been an active buyer of financial services businesses in New Zealand. In the past 18 months it has bought Equity Investment Advisers and Sharebrokers (the financial planning business formerly owned by Phil Briggs), sharebrokers Direct Broking, superannuation specialists Save and Invest, Invincible Life and a number of finance companies.
Dorchester Pacific managing director Brent King says Harts is complimentary to the company’s existing operations.
“We see this opportunity will allow us to further develop our investment advisory business. New Zealanders are seeking advice from financial advisers owned and operated by New Zealanders who are independent from the major fund managers,” King says.
“Dorchester has continued to develop its financial services products. In recent times, we have experienced a significant number of people seeking to obtain independent quality advice on where they should invest their funds given the very uncertain economic outlook.”
The acquisition will not affect any staff, management or client contracts. King says the acquisition creates opportunities for growth and development of the Dorchester business.
