Russell McVeagh advises on major wealth asset management transaction

Led by Corporate partners Dan Jones and Tom Gillespie, Russell McVeagh is pleased to have advised National Australia Bank Limited (NAB) on the proposed transaction under which NAB and Jarden Wealth have agreed to combine their New Zealand wealth advice and asset management businesses into a newly formed entity in which NAB, Jarden Wealth and Pacific Equity Partners (PEP) will be the shareholders.

NAB and Jarden Wealth will each receive a cash payment along with a retained shareholding of 45% and 20% respectively. PEP will acquire a 35% stake, with its investment used to fund the payments to NAB and Jarden. The new entity will be called FirstCape.

The proposed transaction is subject to satisfaction of certain conditions, including New Zealand regulatory approvals. Subject to timing of these approvals, completion is expected to occur in June 2024.

The proposed transaction is an example of the firm's Corporate team leading the market in its work alongside fund managers, trustees, supervisors, financial advisers, custodians, investors and employers to achieve their strategic goals and follows Russell McVeagh being named New Zealand Large Law Firm of the Year at the 2023 New Zealand Law Awards in November, as well as being awarded Equity Market Deal of the Year for its role acting for the underwriters of Air New Zealand's $1.2 billion capital raise, and the key pillar of the airline's broader NZ$2.2 billion re-capitalisation; and Mid-Market Deal of the Year for its role in the sale of Trustpower retail business to Mercury Energy.

You can read more about this market-leading transaction here.