Another long-standing NZ boutique investment house has joined the corporate action trend after Salt Funds Management sold out to Alvarium Wealth.
In a deal confirmed today, Alvarium will take a 100 per cent share of the $2 billion local fund manager for an undisclosed sum.
Alvarium Wealth chair, Shane Edmond, said in a release: “Salt has built an exceptional reputation as an active fund manager with robust investment processes and successful track record of style-agnostic investing.
“We are looking forward to working with their experienced investment team as we align to further grow these strong funds management businesses and considerable wealth advisory platform.”
With its new acquisition, Alvarium Wealth will manage a total of $4.3 billion.
Salt managing director, Matthew Goodson, said in the statement: “Alvarium is an ideal fit for the Salt team. They have a tremendous franchise with their Pathfinder KiwiSaver Plan and funds, with market-leading ESG practices and capability. We are excited by the outlook when we add our fundamental research skills to this.”
The Alvarium Wealth business, including Pathfinder, is a quarter-owned by the Rātā Foundation
Rātā, the Canterbury region community trust snapped up a quarter share in the Alvarium Wealth/Pathfinder fund operation this April.
Salt spun out of the Westpac-owned NZ BT Funds Management investment group in 2013 as a stand-alone Australasian equities boutique owned by Paul Harrison and Matthew Goodson.
Westpac remains the single-largest Salt client but the manager has since branched out into global asset classes including international equities, fixed income and real assets (listed property and infrastructure) via relationships with Morgan Stanley and Cohen & Steers.
The Salt purchase follows hot on the tail of the Investment Services Group (ISG) majority buyout by Australian wealth manager, Shaw and Partners, this June.
Shaws, ultimately owned by Swiss private bank group, EFG International, bought 75 per cent of the ISG conglomerate, comprising Devon, Clarity and Tahito funds as well as advisory network JMI Wealth, the Select Wealth distribution platform and the JMI KiwiSaver scheme.
Last year Castle Point, another boutique fund firm founded a couple of years after Salt, sold to estate management specialist, Perpetual Guardian.
Earlier in 2024, Harbour Asset Management was folded into the FirstCape group, comprising the BNZ KiwiSaver and investment arm as well as the JBWere (now including Jarden) advisory networks.
FirstCape bought the independent advisory services and investment platform business, Consilium, in May this year.
Later in July Forsyth Barr flagged an imminent sale of up to 30 per cent of its equity to Australian private equity player, Mercury Capital.
The ForBar proposal, yet-to-be-cemented, came after rival NZ broker-based wealth management network, Craigs Investment Partners, sold a 50 per cent stake to US private equity giant, TA Associates, in December 2024.