Macquarie buys PwC's financial planning business

Thursday 16th December 2004

Macquarie Financial Services Group and PricewaterhouseCoopers today announced they had entered into an agreement for Macquarie to purchase PwC's New Zealand financial planning business.

The purchase of the PwC business, which comprises six financial planners based in Auckland, Christchurch and Dunedin as well as one support staff member, will be made by Macquarie Equities New Zealand.

The Head of Macquarie Financial Services Group in New Zealand, John Rowley, said this purchase was an exciting expansion for Macquarie's New Zealand Wealth Management business.

He said Macquarie had a commitment to building its presence throughout the country.

"Reaching an agreement with PwC to buy their high quality financial planning business and to be able to retain the services of their expert financial planners will complement Macquarie's existing team of experts who operate throughout New Zealand," Mr Rowley said.

"Macquarie and PwC have a high regard for each other's professional operations."

"It was because of this that agreement between the two companies was able to be reached when it became clear that while PwC had planned to exit the financial planning business, the growth of wealth management services has been a large part of Macquarie's New Zealand strategy."

PwC New Zealand CEO Warwick Hunt said that "the agreement represented an excellent outcome".

"PwC wanted to ensure that its exit from the financial planning business would not in any way disadvantage its clients or its advisers," Hunt said.

"By reaching agreement with Macquarie we have guaranteed continuity of expert services to our clients, who will retain their current financial advisers, as well as favourable employment for our advisers."

The Macquarie team will continue to be headed up by present PwC partner and financial adviser, Brent Procter.

Procter has been a financial adviser since 1988 and joined PwC in 1992 where he has advised high net worth individuals, business owners and executives on investment and wealth preservation.

He has a high profile in the market having authored a number of financial columns and had regular televisions spots on financial programs including the TV One program Money Doctor.

Procter will report directly to John Rowley.

Rowley said that Procter and the PwC team will join Macquarie Financial Services' 31 financial advisers who are based in Auckland, Wellington and Christchurch.

The purchase will be finalised during the next few weeks with the PwC advisers expected to start with Macquarie on 31 January 2005.

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