Regional brokers tie the knot
Tuesday, October 31st 2000, 8:19PM
Combined, the new organisation will have 84 client advisers in 10 offices throughout New Zealand’s major cities and provincial centres.
Forsyth Barr Chairman Eion Edgar says the merger with Frater Williams was the culmination of Forsyth Barr’s 10-year expansion to become New Zealand’s largest retail sharebroking and funds management firm.
" From strong Dunedin origins we have gradually expanded to nationwide coverage and the merger with Frater Williams gives us real strength in the upper North Island area. Following this merger we are in a position to offer the only real national distribution service for new issues, IPOs and New Capital Market offers, which is what both corporate clients and private clients want from both distribution and access points of view".
The new firm, to trade as Forsyth Barr Frater Williams north of Taupo, reflects the strong position and reputation of Frater Williams in that market. Throughout the rest of New Zealand the firm will continue to trade as Forsyth Barr. The combined firm will have a substantial client base, and Edgar estimates the firm is now the largest private client sharebroker in New Zealand.
Frater Williams chairman Garth Williams said his firm welcomed the merger as it gave the combined firm’s clients access to an expanded range of investment products and services. He added that the two firms are geographically a natural fit and have similar cultures.
The merger also includes the purchase of the 50% interest in Frater Williams held by Montana Group (NZ) Ltd.
Frater Williams was established in 1872 but has expanded beyond Auckland in recent years to develop a strong presence north of Taupo.
Forsyth Barr was established in Dunedin in 1936 and in recent years it has expanded beyond the traditional sharebroking function to a wide range of financial services and products tailored to individual client requirements.
Edgar and Williams further stated that the company remained New Zealand owned and operated and was extremely proud of its independence. "We believe we can deliver strength to clients through our independence while at the same time benefiting from our international links to major investment houses " Edgar said.
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