New Zealand-based financial services firm, Amplifi Group has acquired Totara Wealth Management, a Nelson-based advisory business, for an undisclosed amount.
The acquired entity was established in 2017 by Richard Harden and Meredith Cornelius by combining their independent advisory practises.
The firm secured a discretionary investment management services (DIMS) licence in 2017.
The deal marks Amplifi’s first acquisition. The firm was launched last year with the backing of Mint Asset Management and private equity firm Ascentro Capital Partners.
Amplifi is aiming to bring together a range of advice and investment businesses under its brand.
Amplifi head Fred Ohlsson said that Tōtara fits well with the Amplifi model of supporting professional independent advisory firms across NZ regions.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
He added: “All portfolios are tailored to individuals’ personal circumstances rather than one-size-fits-all, a strategy that sets Tōtara Wealth apart and is central to the Amplifi model.”
As part of the deal, Mint chief Rebecca Thomas and Ohlsson joined Tōtara board.
Tōtara will continue to operate under its current brand and licence. Tōtara founders Richard Harden and Meredith Cornelius will continue with the business along with a new adviser, James Hunt.
The deal will allow Tōtara to benefit from Amplifi’s “deep resource base with increased research and compliance support” and establish a long-term plan for the business under a corporate model.
Ascentro holds approximately 30% holdings in Amplifi with the remainder held by parties affiliated with Mint.
Mint has about $ 1.7bn in assets under management including an almost $800m mandate with the NZ Superannuation Fund.