MFS grows Kiwi business
MFS has acquired New Zealand based financial dealer group Northplan for NZ$52.5 million, with plans to merge it with MFS New Zealand as part of the group’s strategy to build its presence in the region.
One of the biggest advisory firms in New Zealand, Northplan’s direct funds under management are around NZ$670 million, with over 3,400 clients managed across nine offices on the country’s north island.
The newly acquired company also provides back-office and portfolio services to other New Zealand advisory groups, holding financial consideration in the businesses, which collectively manage over NZ$330 million and advise around 1,500 clients.
The MFS purchase comprises a combination of NZ$42.5 million in cash and MFS shares for key management shareholders.
This acquisition follows MFS’ sale of 60 per cent of its New Zealand operations to financial investors in Australia and New Zealand as part of a strategy to build the investment and financial services provider’s funds management, financial planning, investment banking and listed property portfolios in the country.
MFS New Zealand chief executive Jason Maywald said this latest acquisition was the first in a series of domestic transactions in New Zealand.
“[This] will provide MFS with the platform for the creation of a significant New Zealand financial services provider,” he said.
Northplan founder Kelvin Syms, who will be named managing director of MFS New Zealand, said that he saw the dealer groups’ acquisition as a means to expand the business with the backing of MFS.
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