NZX Wealth Technologies has seen assets under administration soar by almost a quarter this year with the latest client – the Alvarium-owned Newton Ross advisory firm – taking the platform above $14.2 billion.
Lisa Turnbull, head of the NZX-owned investment platform, said the business has grown from about $11.5 billion under administration at the start of 2023 with a string of mostly custodial wealth management clients and fund growth adding a further $2.7 billion to the tally as at June 30.
“We’ve had a very busy six months,” Turnbull said, noting a queue of new clients due to onboard this year.
Newton Ross, founded by Mike Newton and Wayne Ross, previously used Apex (ex MMC) to administer its assets that are largely held in discretionary investment management services (DIMS) portfolios.
The NZ arm of global financial services conglomerate, Alvarium, bought Newton Ross in 2021, bringing the boutique advice practice into a business that also housed Pathfinder and the remains of local hedge fund-of-funds pioneer, NZAM.
Alvarium already held some assets with NZX Wealth Technologies due to strong historical links. NZAM incubated the investment platform, previously known as Apteryx, that the NZX acquired in 2015 before updating the service to a new technology stack.
In 2021 Newton Ross managed about $500 million.
Wayne Ross, now Alvarium NZ chief investment officer, said in a release: “Alvarium underwent a rigorous vendor selection process before confirming the NZXWT platform for its broad capability.
“NZXWT’s platform and services will bring efficiencies including simplifying our operating model while providing bespoke investment and advisory services to our clients. It will also make it easier for our private wealth advisers having a standardised platform across the company.”
Ross took on the Alvarium investment job initially in an interim capacity in February – overseeing more than $1 billion – following the departure of Pathfinder CIO, Paul Brownsey.
The NZ Alvarium operations formally separated from the global business last year but retains ownership connections via common shareholder (and co-founder of the UK-originated firm), Andrew Williams.
Alvarium lists 10 financial advisers including five working under the Newton Ross brand.
Newton Ross, NZ Discretionary Investment Management Services (NZ DIMS) and Alvarium Wealth officially merged last July under the Alavrium Wealth entity.
In an aside, the NZ DIMS licence is now held by Hastings-based advisory firm, Stewart Group.