Shaw and Partners NZ has bought a Wellington-based financial advisory practice in its first purchase under a new ownership structure.
The acquisition will see Makowem and Issacs Financial Planning join the Shaw and Partners network, bringing about $230 million of funds under management along.
Known as JMI Wealth until last October when it adopted the branding of new majority owner, the wealth management arm of the Investment Services Group (ISG) will house almost 20 financial advisers with the addition of David Isaacs and John Makowem.
Jason Watson, Shaw and Partners NZ head of advice, said in a release that the new “partnership is built on a shared vision of putting clients first, and together we are committed to maintaining the highest standards of advice, service, and support”.
Makowem and Isaacs formed the financial advice provider business in 2021 but the pair have long experience in the industry.
“Having the scale and resources of Shaw and Partners affords us opportunities that would have been challenging to pursue by ourselves,” Isaacs said in a statement.
The Wellington advisory firm already uses the ISG-owned Select Wealth discretionary investment management service (DIMS) platform.
ISG – a diversified group covering three fund brands (Devon, Clarity and Tahito), Select Wealth and the former JMI Wealth network – sold a 75 per cent stake to the Australian wealth manager, Shaw and Partners last June for $67.5 million.
Shaw and Partners is owned by Swiss private bank, EFG International, which paid A$61 million for a 51 per cent share in the business in 2019 before completing a full takeover a few years later.
Last year ISG also bought third-party marketing business, The Investment Store, as part of a renewed effort to grow its Clarity fund-hosting business, now headed by Craig Stanford.