Aussie bank Westpac has agreed to transfer its high net worth advisory business in New Zealand to investment firm Forsyth Barr.
This was part of the partnership agreement signed by the two firms.
As a result, 32 members of Westpac NZ’s wealth advisory and operations team will join Forsyth Barr.
Westpac says customers with large investment portfolios will remain with the bank for their transactional and lending needs, while their investments will be managed through Forsyth Barr.
The financial terms of the deal were not disclosed.
‘Ticked all the boxes’
Katie Christoffersen, Westpac New Zealand head of private wealth management, said: “We expect this model to provide clients with the best of both worlds – great banking products and personalised service from Westpac, and dedicated investment advice with a wider product and service offering from the specialists at Forsyth Barr.
“When we considered selling this part of the business, we knew it would only be possible if we found a partner that is well regarded and can provide great outcomes for customers. Forsyth Barr ticked all the boxes.
“In the past few weeks, we’ve been in touch with the clients whose investments will soon be managed through Forsyth Barr and the overwhelming response has been really positive.”