SBS Bank and Staples Rodway have entered into a strategic alliance to work together in the wealth management sector.
Under the agreement, SBS Bank’s managed funds and investment advisory business, Funds Administration New Zealand (FANZ) will take a 50% stake in Staples Rodway Asset Management (SRAM) and will manage Staples Rodway’s KiwiSaver Scheme effective from 31 March 2015.
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SRAM will run independently with its own board of executives while maintaining all the staffs.
The strategic alliance will leverage the core competencies of each business to position them in a market segment to enhance growth.
SBS group chief executive Wayne Evans said: "We believe FANZ can add value and lower costs for investors through our existing size capability and scale. The strong Staples Rodway proposition for investors with portfolios over $1m in assets, complements our existing capabilities and will be marketed to our New Zealand wide member base."
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