Wednesday 27th June 2018
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Hobson Wealth Partners is set to start buying and selling NZX-listed securities directly for its clients as of next month, the first New Zealand cash market trading and clearing participant accredited since the 2010 launch of the national securities market operator’s clearing house.
The Auckland-based private wealth advisory firm said it has expanded its operations team in Auckland and Wellington, “employing experienced settlements and clearing personnel from within the industry,” without offering further details.
“This is an important development for Hobson Wealth and its clients as well as the New Zealand market,” Hobson Wealth managing director Warren Couillault said in a statement. “Where a number of our competitors are outsourcing trading activities, Hobson Wealth has chosen to establish specialist trading capability to better service its private wealth clients."
As part of a strategic revamp, Wellington-based NZX has been aiming to shore up the level of trading done through the exchange rather than in off-market deals negotiated by brokers.
“Hobson Wealth’s accreditation provides increased choice for investors looking to access the New Zealand market, and reflects progress on the exchange’s strategic commitment to grow its participant base," NZX head of market development & clearing Benjamin Phillips said in the statement.
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