Grosvenor Financial Services officially switches to a new name this week as it seeks to lift its profile in the consumer market.
From today, Grosvenor will take up the ‘Booster’ brand for all its product and services.
In a letter to Grosvenor clients, managing director and founder, Allan Yeo, says the rebranding would bring the company’s image in line with its purpose to “provide all New Zealanders with knowledge and innovative solutions for their financial well-being”.
“After almost 19 years of existence with a tongue twister of a name with British origin, we have reached a stage of development where we wanted a name which better reflects who we are and what we stand for,” Yeo says in the letter.
“We believe the name ‘Booster’ better reflects our commitment to helping grow New Zealanders’ financial confidence.”
As well as a range of retail investment products, including its $1 billion plus KiwiSaver scheme and the UK pension transfer scheme it bought from Fidelity last year, Grosvenor last month revealed it would also launch into the home loan market under the Booster brand.
Booster Home Loans will target the first home-buyer market.
In its inaugural newsletter released under the Booster brand, the Wellington-based group said it would soon upgrade the free accidental death insurance for “eligible” KiwiSaver members from the current $10,000 benefit to a “potential amount payable under the cover to $50,000”.
Prior to the rebrand, Grosvenor tidied up its share register and corporate structure. Late last year, most of the minority shareholders – many of them financial advisers associated with the group – sold down their holdings to Asset Custodian Nominees, which now owns more than 80 per cent of the company.
In June, the group also amalgamated the Grosvenor Holdings (GHL) entity with Grosvenor Financial Services (GFS). GHL shareholders owned about 43 per cent of GFS, with relative shareholdings left unchanged after the move.
According to the amalgamation document, as well as the ex GHL holding (43 per cent), Pagada (an associated firm more than 96 per cent owned by Asset Custodian Nominees) owns 39 per cent of GFS with the rest of the register filled by Fidelity (14 per cent) and 4 per cent minority shareholders.
In other rebranding news, Australian research firm, Plan for Life (PFL), has taken up the new name Strategic Insight Actuaries and Researchers.
The move follows PFL parent firm, Asset International, also adopting the Strategic Insight brand.
“Strategic Insight was formerly the name for one of Asset International’s portfolio companies, which now delivers products and services as part of newly formed SI Data, SI Research and SI Intelligence divisions,” a release announcing the rebrand says. “In addition, a media division called SI Interactive has been formed to provide integrated business intelligence and marketing solutions, plus unique audience access through its well-recognized media brands; CIO, Global Custodian, PLANADVISER, PLANSPONSOR and The Trade.”
While PFL is more widely-known in the Australian market, the group provides research on the New Zealand KiwiSaver and retail investment markets.