SBS takes stake in financial planning and KiwiSaver business

SBS Bank's wealth management business, which is run by Graham Duston, is taking over managing Staples Rodway's KiwiSaver fund and also taking a stake in its asset management arm.

Wednesday, March 11th 2015, 9:19AM

The deal is described as a strategic alliance where SBS’s managed funds and investment advisory business, Funds Administration New Zealand Limited (FANZ) will take a 50% shareholding in Staples Rodway Asset Management .

FANZ will become the manager of Staples Rodway’s KiwiSaver Scheme.

While the bank will have a 50% stake in Staples Rodway Asset Management, the business would continue to run independently with its own board.

SBS chief executive Wayne Evans said the alliance represented an exciting time for the future of both businesses and their respective investors.

“We will be looking to build on the strong platform and reputation Staples Rodway has built in the investment and advisory space. We believe FANZ can add value and lower costs for investors through our existing size capability and scale. The strong Staples Rodway proposition for investors with portfolios over $1 million in assets, complements our existing capabilities and will be marketed to our New Zealand wide member base.”

Staples Rodway chairman, Peter Guise welcomed the alliance saying SRAM’s current regional office coverage, coupled with FANZ’s resources, would allow growth in both businesses.

“Both SRAM and FANZ are long standing, New Zealand businesses which are committed to providing customers with innovative products and exceptional service. These common values are a great foundation and we’re extremely optimistic about the success of the relationship.

“Both teams have known each other professionally for over 20 years. There is a level of mutual respect between the two that augers well for the strategic alliance. Both businesses seek to form long term relationships that add value to our clients as opposed to a transactional relationship that has a ‘here today, gone tomorrow’ attitude.”

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