Jarden will formally split its investment banking and wealth management arms under a plan revealed last week.
The corporate reshuffle will see current group chief financial officer, Malcolm Jackson, head Jarden Wealth – comprising the firm’s holdings in Harbour Asset Management and online investment platform, Hatch, as well as the advisory business.
“Having joined us in 2021 from TPG and previously Blackstone, Malcolm is uniquely positioned to lead the transition,” the group says in a release.
Jarden owns just over three-quarters of Harbour while retaining its 25 per cent stake in Hatch purchased off FNZ earlier this year. FNZ, which emerged out of Jarden precursor firm First NZ Capital in 2003, bought Hatch off Kiwi Wealth for $50 million in October 2021.
“Additionally, as recently announced, Jarden will partner with global technology provider FNZ to combine their direct-to-retail platform Hatch with Jarden Direct,” the statement says. “This brings together our wealth management expertise with the global scale of FNZ.”
Indirectly, Jarden also has a stake in Flint Wealth via the Harbour 37.5 per cent holding in the managed fund platform – a joint venture with Trustees Executors and Australian research house, Research IP.
According to the Financial Services Provider Register, Jarden has more than 90 advisers operating under its licence, ranking the firm behind larger rivals Forsyth Barr and Craigs Investment Partners.
The joint asset management/wealth advice and investment banking arms “will be run with greater independence but with a shared purpose of delivering innovative client outcomes”, the Jarden release says.
“We believe that increased autonomy and focus would be beneficial for our Wealth business, to scale it into the leading provider of wealth advice in New Zealand,” the statement says.
Meanwhile, the Jarden investment banking business will house the broader capital markets advisory, trading, research and other units including property financing joint venture, Pearlfisher Capital, and bespoke lender, Principal Investments.
Over the last couple of years Jarden has devoted a lot of resources to building its Australian investment banking business as part of wider growth plans set in 2016 to “quadruple” in size by 2026 – a goal now in sight for next year, the release says.
“Because we are tracking three years ahead of plan, our leadership team have been working together on how to best structure and resource our divisions to enable us to continue doing our best work for clients,” the statement says.
Jarden has slated several other senior staff changes for the second quarter of next year once the new structure is in place, naming: Aidan Allen and Sarah Rennie as joint chiefs of Jarden Investment Bank in Australia; Sam Ricketts and Dan Reynolds to co-head the NZ investment bank; and, current Jarden Australia chief, Robbie Vanderzeil, to chair the business across the Tasman.
Jarden has about $18 billion in funds under management while transacting in $50 billion of corporate financing and advising on other company and private equity deals in Australia and NZ amounting to $100 billion, the release says. The firm employs about 300 people across the two countries.