JB Were and Goldman Sachs make it official
JB Were and United States-based Goldman Sachs have confirmed the American company is going to take a 49% stake in the Australian business.
Thursday, March 27th 2003, 9:22PM
The proposed merger allows Goldman Sachs access to the strong JBWere franchise in Australia and New Zealand and gives JBWere access to the global resources and skills of one of the world’s leading investment banks.
The merged entity, to be known as Goldman Sachs JBWere, will continue to be managed in New Zealand and Australia, with senior staff continuing to have a substantial personal financial commitment in the entity.
Under the terms of the agreement, Goldman Sachs will own 45% of Goldman Sachs JBWere, with partners and employees of Goldman Sachs JBWere owning the remaining 55%.
The merger will not affect the day to day running of JBWere Investment Management, JBWere Portfolio Management or the integrity of our investment process. Goldman Sachs JBWere will continue to offer equity participation as one component of the incentive and retention program for key staff.
On the funds management side the strategic alliance between JBWere Investment Management and Wellington Management Company has been reconfirmed.
It is expected that the transaction will be completed in the next four months and is subject to regulatory approval.
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