Jarden building a warchest
Sharebroking firm Jarden has built a war chest of $60 million and is rumoured to be interested in buying Kiwi Wealth.
Monday, February 21st 2022, 6:31PM 
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The firm said it had raised more than $60 million for acquisitions after its business grew more than 40% in 2021.
It said last year was “record year” with strong performance across its divisions including investment banking, brokerage, and wealth management. Jarden is a key shareholder in Harbour Asset Management.
The NZ Herald reported yesterday that Jarden had approached Kiwi Group Holdings (KGH) about acquiring Kiwi Wealth.
KGH which is majority owned by NZ Post with ACC and the NZ Superannuation Fund as minor shareholders is reported looking to offload the funds management business.
Kiwi Wealth has around $9 billion in funds under management and remains a default KiwiSaver provider. It is understood the business is worth around $200 million.
Jarden said it has received an “external commitment” for more than $60 million in new funding from private family offices connected to the firm, located in Australia and New Zealand.
“The additional capital will enable Jarden to invest in new business and growth opportunities across both regions,” it said.
It also said the strategic alliance it made with Japanese investment bank Nomura last year has added “considerable firepower to its balance sheet”.
Jarden Australia chief executive, Robbie Vanderzeil said firm had always been “entrepreneurial by nature” and the funding would allow it to invest in more opportunities.
“We look forward to continuing our rapid growth and further expanding our footprint,” he said.
Jarden chief executive, James Lee said there were “significant growth opportunities across public and private assets in New Zealand and Australia”.
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Comments from our readers
The sales vs advice issue was lost a long time ago.
My view has always been that adviser association positions that there should be a clear distinction between sales and advice was actually white-anted by someone who was ostensibly on the adviser side, and who has since been rewarded by the bureaucracy by senior positions in the regulatory framework.
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