Wilson HTM sells big share to NZ firm
Wilson HTM Investment Group (WIG) has announced it is selling Wilson HTM Securities to New Zealand private wealth and investment management firm Craigs Investment Partners and Deutsche Bank.
The New Zealand firm has grabbed a 40 per cent share of the securities business, while Deutsche Bank took a 20 per cent share. The remaining 40 per cent will be owned by staff.
Deutsche Bank is also a major shareholder of Craigs, owning 49.9 per cent.
In a statement to the Australian Securities Exchange, Wilson HTM said they expect to make a loss on disposal, mainly due to the deferred taxation asset related to Wilson HTM Securities and Advisory.
Together with transaction costs, this is expected to be between $3 million and $3.5 million.
"The carrying value of the remaining circa $9 million of deferred tax asset will also be considered following this transaction and may be substantially lowered or eliminated," the statement said.
WIG said it will receive cash consideration of $3 million from Craigs and Deutsche Bank, and $2 million from staff, out of which $1 million is vendor finance.
Recommended for you
As ASIC chair Joe Longo pushes firms to prepare for the upcoming mandatory climate disclosure regime, what skills are necessary if firms are looking to expand their ESG teams?
First Sentier Investors has announced it will close four of its Australian investment teams amid a simplification of the business, with $14 billion expected to be returned to investors.
Over 90 finalists have been chosen to compete at the 36th annual Fund Manager of the Year Awards, to be held in Sydney on 13 June.
Clients may be asking their adviser whether there is still value in the US technology names after their rally, but Fidelity International’s Lukasz de Pourbaix believes they can still offer upside.
