DLA Piper assists new style of investment into NZ
DLA Piper has acted for Implemented Investment Solutions Limited (IIS) in the launch of three PIE funds as part of the Hobson Wealth Investment Funds Scheme. Hobson Wealth is well-known to New Zealanders as a leading private wealth advisory team; IIS is a Wellington-based provider of 'fund hosting' services used by large overseas fund managers to facilitate their operations in this country.
DLA Piper partner Alasdair McBeth led the team that finessed this launch. Alasdair says “IIS manages close to $4 billion in assets and offers an ideal platform for Hobson Wealth’s new Navigator Service. It was an exciting project for our team.”
DLA Piper carried out all the legal work required to establish the new funds: drafting the governing documents, reviewing all disclosure documents and reviewing currency hedging arrangements with a major New Zealand bank.
Alasdair McBeth is one of New Zealand's leading lawyers in the funds management and superannuation industry. “This is the first fund hosting arrangement of its type with a local wealth management business,” says Alasdair. “It’s a smart fund management solution that enables costs to be trimmed for clients while allowing both parties to concentrate on their respective core areas of expertise.”
The Hobson Wealth Navigator Service provides a financial advice overlay to construct a blend of the underlying Hobson Wealth funds to suit the investors risk profile and investment goals. These three new PIE funds allow the group’s financial advisers to service a large cohort of New Zealanders who have fallen through the ‘advice gap’, with DLA Piper pleased to have assisted in this new approach to growing NZ’s private wealth.