FirstCape another step closer to launching

The majority of shareholders voted in favour of the transaction. Incoming FirstCape chief executive Malcolm Jackson says: “The majority vote demonstrates that shareholders recognised the value of the deal. We now move forward with greater clarity of FirstCape’s future – in which Jarden Group will have a 20% stake.”

FirstCape will bring together Jarden and NAB’s wealth advice and asset management businesses in New Zealand, comprising Jarden Wealth and Harbour Asset Management as well as NAB’s JBWere NZ and BNZ Investment Services Limited, to form a new wealth advice and asset management business.

The new entity will have a combined 113 advisers, $29 billion of funds under advice and administration and $15 billion of funds under management, including $5 billion of KiwiSaver funds under management.

As practical completion nears for the FirstCape transaction, which is expected end of April, the transaction team continues to make good progress on the necessary approvals.