Multi-million dollar boost for New Zealand

28/7/09

Media release

Multi-million dollar boost for New Zealand

Significant changes announced today by the Minister of Immigration and the Minister of Economic Development are likely to see millions of dollars invested into New Zealand by wealthy migrants, says investment management specialist Tim Howe from Ocean Partners.

A new investor policy – the Migrant Investment Policy will come into effect, replacing the existing Active Investment Management Policy.

“We see a large number of wealthy international investors considering New Zealand as home but the overall New Zealand migrant proposition has not always been strong enough to attract this group. Today’s changes will go a considerable way towards ensuring New Zealand gains its share of these valuable new residents, says Tim Howe.

“It is likely that investor migrants attracted to the New Zealand proposition will not only have significant capital but also business experience ensuring a positive contribution to our country.

“Research shows that an investor’s contribution goes far beyond the capital invested - in many cases companies gain access to the investors in-depth international business networks too.

Tim Howe says “the policy change is a ‘win win’ for both the migrant investors and the New Zealand business sector. Investors have the opportunity to invest in growing New Zealand companies, while companies will have wider access to capital and invaluable international business acumen.

“New Zealand business is in need of new capital sources, both to fund expansion and to fund the ownership succession of the many businesses that will come to the market in the next few years.

“Baby boomer business owners are turning 60 and many of these people have much of their wealth invested in their business. New capital sources will be required to fund the transition of these businesses to new ownership and free the capital required for existing owners to retire says Howe.

“Attracting capital from immigrants seeking a move to New Zealand is not a new concept; however the previous requirements made the process arduous and the investment proposition was not always compelling.

“Ocean Partners is working with a number of international business people considering immigration to New Zealand. Attracting migrant investment is a competitive process. While New Zealand heads off most of the competition from a quality of life perspective, these changes will assist to competitively position the country to the migrant investor says Howe.

ABOUT OCEAN PARTNERS

Ocean Partners is a boutique Christchurch-based merchant bank, advisory firm and private investment office. The firm was founded in 2007 by a team of industry professionals with a depth of corporate finance and advisory experience. Dr Don Brash is an independent director on the board.

Ocean Partners, or their senior personnel in previous roles, have advised on a number of acquisition, divestment and capital raising transactions in the national and international marketplace. Ocean Partners has also made private equity investments in a principal capacity.

In May 2008, Ocean Partners established Ocean Credo, a joint venture between Ocean Partners and Credo Group, a premium wealth manager and family office based in London. Credo Group has close to £1 billion under management on behalf of a select group of international investors. Ocean Credo provides specialised financial management and family office advisory services to a small number of New Zealand families.

ENDS

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