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March 18, 2021

Alvarium buys remaining 49% stake in Pathfinder Asset Management

By Johney Amala

UK-based Alvarium Wealth has reportedly acquired remaining stake in New Zealand-based ethical fund manager Pathfinder Asset Management.

Alvarium, which bought a controlling stake in Pathfinder in February 2019, has now acquired the outstanding 49% of the fund manager from its co-founders John Berry and Paul Brownsey.

As part of the transaction, Berry and Brownsey will become the chief executive and chief investment officers at Alvarium Wealth New Zealand.

They will also take a 30% shareholding in the combined New Zealand wealth business, which will oversee more than $500m in assets.

Andrew Williams, a co-founder of Alvarium UK, set up Alvarium’s operation in New Zealand after he shifted to the country permanently in 2017 with Ben Gough and Brett Gamble.

Williams said: “Investors globally continue to seek good financial returns and are also turning in droves to funds that embed environmental, social and governance (ESG) factors into their investment decisions.

“John, Paul and the Pathfinder team have marked themselves out as global leaders in responsible investment.

“They launched their first ethical fund in 2010 and have since established a track record for not only delivering great returns, but also doing so responsibly and ethically.

“We are delighted to support their continued growth in New Zealand and indeed to have their market leading expertise as part of Alvarium’s global network.”

Pathfinder will continue as a separate brand with its unique ethical investment approach, which also includes the support of 17 New Zealand-based charities through its CareSaver KiwiSaver scheme.

Pathfinder and now Alvarium Wealth chief executive John Berry said: “The combined New Zealand business offers investors unique access to a global network of investment opportunities, enhanced access to global listed markets, and local and global investment expertise. We know we have an investment edge and we plan to grow in both wholesale and retail markets.”

Following the deal, Pathfinder will continue as a separate brand.

The firm will be part of global Alvarium network that manages $25bn on behalf of wholesale investors worldwide.

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