Merger Creates One Of New Zealand's Largest Full Service Financial Advisories
Two of the country’s fastest growing financial advisory firms, Lifetime Group Limited and Camelot NZ Limited, today announced a merger that would make the combined operation one of New Zealand’s largest full service financial services companies.
From 30 April 2018, the businesses will merge with Camelot owning Lifetime. The combined entity will support over 100,000 clients across New Zealand with life and health insurances, mortgage and business lending, and will have in excess of $800 million investment funds under management and in KiwiSaver.
Operating under the “Lifetime” brand, staff from both companies will be co-locating with a combined team totalling 165 people across sixteen offices around the country.
“As well as sharing similar values and high ethical standards”, said Lifetime Chief Executive Jon O’Connor, “the expertise that Lifetime offers in insurance and home lending complements the specialist financial planning and investment services of Camelot.”
“Together our clients will get the benefit of a holistic approach to their financial needs, all under one brand with greater distribution capability than ever before.”
“There are strong synergies that the two businesses bring together,” said Camelot Managing Director Peter Cave.
“With our shared focus on creating greater financial certainty for all our clients, we can further build on the strong foundation each company brings.”
Both Lifetime and Camelot have key strategic partnerships through shareholding that will continue with the newly merged entity, these include Booster, Rothbury and Bayleys.
A new Board of both Lifetime and Camelot Directors will be established, with the current Chair of Camelot, David Whyte, appointed as the new Chairman.
“The Camelot and Lifetime boards share a sense of responsibility around leading the charge in embracing and driving the regulatory change in our industry,” David Whyte said.
Peter Cave will lead the new Lifetime group as the Managing Director, with Jon O’Connor continuing in the Lifetime Executive Leadership team.
With continued growth objectives and a unique market proposition in a rapidly changing regulatory environment, Lifetime will continue its investment in building the adviser team throughout New Zealand.
This is the second significant transaction in less than two years for the Lifetime Group.
In December 2016, Lifetime entered into a successful national strategic partnership with insurance brokerage Rothbury Group Limited including the acquisition of its personal insurance and lending division.
At a glance
- The purchase will take Lifetimes group’s adviser numbers to approx. 100 throughout New Zealand and 65 staff, operating from 16 locations.
- Adviser numbers are expected to grow significantly over the next two years.
- All staff will be retained.
- The merged entity will have in excess of $800 million investment funds under management.
Peter Cave, Camelot Managing Director, 0274 368 675, Peter.Cave@camelotgroup.co.nz
Jon O’Connor, Lifetime CEO, 027 248 1815, email@example.com
Investment portfolios had a rather subdued month in September, capping off a very strong quarter driven by solid returns during the months of July and August. In fact, the US share market produced its best local currency quarterly return since 2013, with the S&P 500 up 7.2% for the September quarter.