Former New Zealand Super Fund chief executive Matt Whineray has been appointed as chairman of FirstCape Group, a wealth advice and asset management business that has yet to be launched.
The group will bring together Jarden Wealth and JBWere NZ with Harbour Asset Management and BNZ Investment Services. Completion of the FirstCape Group transaction is expected in early May.
FirstCape Group’s incoming chief executive, Malcolm Jackson, said in a statement the group would have $44 billion in funds under management. It was important to have a chair with experience in managing funds at such a scale.
That comprises $29 billion of funds under advice and administration and $15 billion of funds under management, including $5 billion of KiwiSaver funds under management.
Jackson said a driving force for creating the FirstCape Group was a desire to scale up the wealth and asset management industry as more people retired over the coming decades.
“If you look around the world and compare how we’re saving as a nation to our neighbours in Australia, for example, today we are falling short," Jackson said.
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