Spicers Portfolio Management, part of the AMP Group, has acquired Wellington-based The Terrace Financial Group (TFG). The combined business has over $1.4 billion in funds under advice.

Spicers, which has 25 years of experience in New Zealand, offers a full suite of tailored investment solutions and highly personalised service supported by a nationwide network of qualified financial advisers.

Wellington based TFG has a particular strength in insurance, corporate superannuation, wealth management with clients including a wide range of large corporates, small and medium enterprises, and individuals.

According to Chris White, Spicers managing director, the move will benefit clients of both companies as Spicers grows its footprint in Wellington and adds to its collective strength nationwide.

"The TFG team brings more than $200 million funds under advice and four authorised financial advisors, which will add to Spicers’ strength and expertise in Wellington," White added.

Donovan Lind, director at The Terrace Financial Group, said: "The company is excited about the opportunities presented in becoming part of the Spicers family.

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"Our clients will benefit from the scale of the Spicers network, including its nationwide presence, rigorous standards of governance and accountability and the access our advisors have to support, training, development and business resources," Lind added.