Sharechat Logo

NZX sells FundSource to Australia's Zenith Investment Partners

Wednesday 22nd May 2019

Text too small?

NZX has wrapped up the sale of its FundSource research house to Australia's Zenith Investment Partners for an undisclosed sum. 

The stock market operator has been restructuring to put a greater emphasis on its core markets business, selling assets it no longer sees as a right fit.

The FundSource unit, which supplies analysis to financial advisers and fund managers, was the last of those businesses on the block. NZX today said it's signed a conditional sale and purchase agreement with Zenith, which provides research to more than 140 Australian financial advice practices

NZX said the price is confidential, but not material. The company's auditor KPMG set materiality at $900,000 in the 2018 annual report based on NZX's pre-tax profit of $19.7 million. 

The stock market operator committed to selling FundSource in 2017, valuing its assets at the end of that year at $435,000. In 2018, it wrote down the value of goodwill and other intangible assets by $352,000, and held it as a $20,000 liability as at Dec. 31. 

The transaction is expected to settle this month. 

NZX shares last traded at $1.05 and have increased 4 percent so far this year. 

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report