Shaw and Partners claims 75% of ISG's shares
DLA Piper has guided investment and wealth management service provider Investment Services Group Limited (ISG) on the divestment of 75% of its shares to Shaw and Partners for $67.5m.
The deal was first publicised in June and completed on 31 July. According to DLA Piper, the deal represented a “significant milestone” for ISG that “positions it for continued growth in partnership with Shaw and Partners”.
Shaw and Partners said in a media release that the acquisition marked its formal entry into the New Zealand market. ISG will fall under the management of Shaw and Partners’ Australian CEO Earl Evans.
ISG will also rebrand its international wealth business JMI Wealth to Shaw and Partners Financial Services. However, Devon Funds will retain its name, independence and leadership.
“This partnership provides us with the scale, resources, and capital to accelerate our strategic objectives. We are particularly excited about the growth prospects this unlocks—not just for us, but for our clients, our teams, and the broader market”, ISG executive chairman Paul Glass said in the media release.
Partner Reuben Woods headed up the DLA Piper team, receiving support from senior associate Steph McQuaid. Partner Rachel Taylor also spearheaded a team in Wellington with assistance from Boston Flanagan-Connors to advise on vendor due diligence and regulatory matters.
Buddle Findlay advised Shaw and Partners, while Murray & Co served as ISG’s investment bankers.
ISG manages assets worth over $7bn across wealth management, funds management and its investment platform. It has offices in Auckland, Takapuna, and throughout the North and South Islands.
Shaw and Partners is under the umbrella of international private banking group EFG International.
