Macquarie agrees to sell

Macquarie agrees to sell majority of NZ retail wealth management unit

By Tina Morrison

May 26 (BusinessDesk) - Macquarie Group, the Australian financial firm, agreed to sell the majority of its New Zealand retail wealth management business to local investment manager Warren Couillault and some of its employees, retaining a cornerstone shareholding.

Macquarie Private Wealth New Zealand operates a team of 31 wealth advisers across Auckland, Wellington and Christchurch, according to a statement from the group's local unit Macquarie Capital (NZ) based in Auckland. Couillault, a former chief investment officer at Fisher Funds, has 25 years experience in financial markets and will head the unit. Neither the purchase price nor the size of the cornerstone stake were disclosed.

Australian parent Macquarie Group this month posted a 29 percent gain in annual profit to A$2.06 billion, and said earnings in the current year will be “broadly in line” with the previous year, signalling a four-year streak of boosting earnings may be drawing to an end.

The sale of the stake in the New Zealand unit is expected to occur in July pending certain conditions being satisfied.

(BusinessDesk)

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