Mint Asset Management parent firm, Amplifi, will ramp up efforts to grow its financial advice arm following the departure of managing director, Fred Ohlsson, this month.
Rebecca Thomas, Mint chief, said Amplifi would concentrate on suitable acquisitions in the independent financial advice sector rather than larger investment or wealth management buyouts.
Thomas, now also leading the Amplifi wealth management strategy, said the group was outbid in several big financial service firm transactions over the last couple of years.
“If we had done a deal, Fred would still be here running the integration,” she said.
But with no immediate large-scale purchases on the horizon, Ohlsson’s role was somewhat reduced from its original scope.
However, Thomas said the group was committed to growing both its in-house advice brand, Sage Wealth Management, and exposure to independent advisory firms.
Amplifi bought the Nelson-based advice business, Totara Wealth, in 2022 followed by the Auckland Prosperity Partners last year.
The group was in preliminary talks with several other advisory firms, Thomas said, amid a more positive backdrop for the industry.
She said advisers were now more open to business development plans after a market recovery last year eased client portfolio worries.
As Thomas devotes more time to the Amplifi wealth strategy, long-time Mint chief operating officer, Simon Haworth, was promoted to general manager of the funds management business.
Last year Mint also hired Matthew Hanchet as retail distribution head to replace some of the duties previously covered by David Boyle, who left the business at the end of 2023.
Boyle was Mint head of sales and marketing.
It is understood that Ohlsson, formerly a senior ANZ executive, will resurface shortly in a banking-related role. He joined Amplifi in 2022.
Thomas said Mint, and associated staff, continues to own about 70 per cent of Amplifi with Auckland private equity firm, Ascentro, holding the remainder.