EFG’s Australia Unit Acquires New Zealand Investment Firm
Shaw and Partners – the Australian unit of EFG International – has expanded into New Zealand with a new acquisition of an Auckland-based investment firm.
Shaw and Partners Financial Services has acquired a 75 percent stake in Auckland-based Investment Services Group (ISG) for NZD 67.5 million ($40.7 million), according to a statement. The deal, subject to regulatory approval, marks a formal entry into the New Zealand market. The ISG business will report to Shaw and Partners CEO Earl Evans.
ISG operates two main offices in Auckland’s CBD and Takapuna, along with several regional offices across both the North and South Islands. It has more than 7 billion New Zealand dollars in assets under management across its wealth management, funds management and investment platform divisions.
Following the acquisition, Shaw and Partner’s total assets under advice have increased to nearly 45 billion Australian dollars ($29 billion). Shaw and Partners is fully owned by Zurich-based private bank EFG International following a 2019 acquisition.
Rebranded Wealth Business
As part of the deal, ISG’s international wealth business, JMI Wealth, will rebrand to Shaw and Partners Financial Services. Its retail and institutional funds business, Devon Funds, will continue operating under its existing name, retaining its independence and local leadership. ISG’s investment platform will also remain a core part of the group’s offering.
«ISG has built an exceptional reputation and platform in New Zealand, which they should be very proud of,» commented Evans. «This acquisition represents a powerful alignment of values, vision and opportunity. With their fully annuitized funds management business and a solid wealth advisory platform, this sets us up to take advantage of major growth opportunities across the Trans-Tasman region.»
«This partnership provides us with the scale, resources, and capital to accelerate our strategic objectives,» said Paul Glass, ISG’s executive chairman. «We are particularly excited about the growth prospects this unlocks – not just for us, but for our clients, our teams, and the broader market.»
