3:44 pm today
The Jarden building at the bottom of Queen Street, Auckland
Brokerage and financial services firm Jarden is in for a significant restructuring, with the wealth and asset management operations to be split off and the investment banking business to be retained in an employee-owned structure, sources have told RNZ.
The divestment of the wealth management business is complex and expected to meet some resistance from existing shareholders, given it was part of a major shake-up in the industry three years ago.
Jarden's wealth and asset management businesses merged with National Australia Bank's (NAB), JBWere NZ, and private equity fund manager Pacific Equity Partners, to form FirstCape in 2023, which has become the parent company of JBWere NZ, Harbour Asset Management and Consilium.
