Macquarie to purchase PwC New Zealand Financial Planning Business

16 December 2004

Macquarie Financial Services Group and PricewaterhouseCoopers today announced they had entered into an agreement for Macquarie to purchase PwC’s New Zealand financial planning business.

The purchase of the PwC business, which comprises six financial planners based in Auckland, Christchurch and Dunedin as well as one support staff member, will be made by Macquarie Equities New Zealand.

The Head of Macquarie Financial Services, Peter Coleman, said this was a strategic purchase in New Zealand where Macquarie had been seeking to significantly expand its Wealth Management presence.

“PwC has had an excellent reputation in the New Zealand market,” Mr Coleman said.

“Reaching an agreement with them to buy their high quality financial planning business as well as being able to retain the services of their expert financial planners will complement Macquarie’s existing team of experts who operate throughout New Zealand,” Mr Coleman said.

“Macquarie and PwC place a great deal of emphasis on service and professionalism and have a high regard for each other’s capabilities and operations.

“Agreement between the two companies was reached when it became clear PwC planned to exit the financial planning business, while Macquarie planned to expand its wealth management  services in New Zealand.”

PwC New Zealand CEO Warwick Hunt said that “the agreement represented an excellent outcome”. 

“PwC wanted to ensure that its exit from the financial planning business would not in any way disadvantage its clients or its advisers,” Mr Hunt said.

“By reaching agreement with Macquarie we have guaranteed continuity of expert services to our clients, who will retain their current financial advisers, as well as favourable employment for our advisers.”

The Macquarie team will continue to be headed up by present PwC partner and financial adviser, Brent Procter.

Mr Procter has been a financial adviser since 1988 and joined PwC in 1992 where he has advised high net worth individuals, business owners and executives on investment and wealth preservation.

He has a high profile in the market having authored a number of financial columns and had regular televisions spots on financial programs including the TV One program Money Doctor.

Mr Procter will report directly to the Head of Macquarie Financial Services in New Zealand, John Rowley.

Mr Coleman said that Mr Procter and the PwC team will join Macquarie Financial Services’ 31 financial planners who are based in Auckland, Wellington and Christchurch.

“This expansion of our expert team means we will be able to continue to expand the full range of financial services and products that we provide to our clients,” Mr Coleman said.

The purchase will be finalised during the next few weeks with the PwC advisers expected to start with Macquarie on 31 January 2005.

Irene O'Brien
Public Relations
Macquarie Financial Services
Tel: (612) 8232 3241
Mobile: 0417 260 309