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Newpark sold to a surprise buyer

SHARE NZ has sealed a surprise takeover of rival Newpark Group, marking the latest phase of consolidation in the adviser industry.

Wednesday, November 18th 2020, 7:52AM

Tony Dench

SHARE has bought Darren Gannon's controlling stake in the insurance and mortgage advice group, TMM Online can exclusively reveal.

The acquisition, which could be announced this week, comes after Newpark sought new financing amid a lack of certainty over its life insurance revenue.

SHARE has pounced on Newpark in a bid to boost its home loan adviser numbers. Since inception, Newpark Home Loans has grown to over 200 advisers. 

The combined group is likely to have over 500 advisers across investment, insurance and mortgage advice.

A new company, Newpark 2020, was listed on the companies register, on November 12, with SHARE NZ listed as its 100% shareholder.

The Newpark brand will remain, sources said. Advisers will have the option of keeping their planned regulatory setup, or taking one of the options available to current SHARE members.

SHARE runs a corporatised offering, in which advisers own a share in the business and pool clients. It also runs a non-branded side, with advisers working under its FAP.

Sources said that despite the change in ownership, it would be "business as usual" for advisers at Newpark, and advisers would be able to keep their current regulatory and ownership structure, and keep their own FAPs.

Industry sources said the deal would suit Newpark advisers given SHARE's strong back-office and governance systems.

The takeover will see Darren and Adele Gannon, and Murray Weatherston step down from their board roles at Newpark, as SHARE NZ directors assume the board seats.

SHARE's Tony Dench will be the chief executive of the combined group, while Richard Thomas will become chairman, sources said. 

Dench has worked in the finance sector for more than 25 years, with 13 years of those at BNZ. He will now be in charge of one of NZ's biggest adviser groups. 

Tags: Newpark Share

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

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