The bank signed an agreement with Jarden Wealth to combine their wealth management businesses
Russell McVeagh has advised National Australia Bank Limited (NAB) on the proposed combination of its New Zealand wealth advice and asset management business with Jarden Wealth to form FirstCape.
FirstCape comprises NAB’s JBWere New Zealand and BNZ Investment Services Limited businesses along with Jarden Wealth and Harbour Asset Management. Under the agreement, NAB will retain a 45% interest in FirstCape, while Jarden Wealth retains 20%. Both organisations will also receive cash payments.
Pacific Equity Partners (PEP) will acquire a 35% stake and fund payments to NAB and Jarden through its investment. The deal is expected to complete in June 2024, pending the meeting of certain conditions including approval from New Zealand regulatory bodies.
Russell McVeagh's team was led by corporate partners Dan Jones and Tom Gillespie. A team from Allens advised PEP.
