Leading law firm Russell McVeagh is pleased to have assisted Fisher Funds in its purchase of Kiwi Wealth for NZ$310 million, shortly after working with the same team on the acquisition of KiwiSaver and schemes retirement from Aon.

Announced this week, the purchase will see the Kiwi Wealth business integrated into Fisher Funds and a strategic partnership with Kiwibank forged, with the bank to provide KiwiSaver clients with referrals to Fisher Funds.

Russell McVeagh Corporate Partner Dan Jones led the team advising Fisher Funds, with support from special advisors Lance Jones and Sarah McQueenand Senior Counsel Tiffany Dvorak, and Special Counsel Banking and Financial Support Bevan Pechey. More partners Troy Pilkington and Bradley Aburn provided expert competition advice.

“We were delighted to work with the Fishers team again and to be trusted, together with Macquarie, to complete this transaction in a highly competitive and compressed process. Our focus now is to help with the integration of the business and the long-term success of the partnership agreements with Kiwibank,” said Dan Jones.

Through the acquisition, Fisher Funds will seek to retain Kiwi Wealth’s default KiwiSaver status, with a formal approval process to follow during the transition period. The purchase is also conditional on approval from the Overseas Investment Office, as Fisher Funds is 34% owned by US-based TA Associates and the remaining majority share is held by the Toi Foundation, a neo- zeelandic.

Fisher Funds CEO Bruce McLachlan said the acquisition is a natural extension of the company’s long-term growth plans in KiwiSaver and fund management in New Zealand.

“This is an exciting time for Fisher Funds and will further strengthen our leadership position in the active fund management industry in New Zealand.

“As a New Zealand-founded company, we are delighted to welcome another great New Zealand company of the caliber of Kiwi Wealth to the Fisher Funds family.

“Our priority now is to work closely with Kiwi Wealth to ensure a seamless transition for all affected members and clients,” Mr. McLachlan said.

There will be no immediate changes for customers or staff as each business will continue to operate separately.

Once the transaction is complete, Fisher Funds and Kiwi Wealth will begin work during a transition period to identify opportunities for growth in the value of the combined businesses and clients will receive further information prior to the completion of the sale.

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