Craigs buys back Deutsche stake
Craigs Investment Partners has reached an agreement for its staff to acquire Deutsche Bank’s 49.9% equity interest in the business.
Friday, December 20th 2019, 10:02AM
The acquisition is subject to the usual approvals and documentation is expected to be signed before the end of February 2020. This will place 100% ownership of Craigs Investment Partners with staff.
While this change will see the business return to full staff ownership, it will have no impact on the Craigs business.
Chairman Neil Craig and managing director Frank Aldridge thanked Deutsche Bank for their involvement with Craigs as a global strategic partner.
“We have enjoyed a nine-year relationship with DB, one that has proved mutually beneficial throughout a period that has seen the New Zealand financial markets evolve and our business grow exponentially."
There are four business units in New Zealand including Private Wealth with $20 billion of client funds under management; Institutional Equities and Research; Investment Banking; and QuayStreet Asset Management. Craigs also has a 50% equity partnership with Wilsons Advisory and Stockbroking in Australia.
The alliance with Deutsche Bank has been in place since 2010.
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