The merger of Professional Investment Services (PIS) New Zealand and the Newpark Financial Services group to create New Zealand’s largest financial advisory group is the first in a string of potential mergers and acquisitions being evaluated by the dealer group.
PIS announced in October plans to merge with Newpark to create a company boasting more than 250 financial advisers and 130 accounting firms through the country.
“PIS prides itself on its history of carrying no debt which has put us in a very strong financial position when the current credit crunch hit,” says Robbie Bennetts, PIS chief executive officer. “For us, it’s a good time to look at other acquisitions and to find like-minded partners.”
PIS NZ general manager David Keys will remain as New Zealand general manager of the merged entity, while Newpark chief executive officer Darren Gannon will head life risk business.
