A boutique New Plymouth investment advisory company has been bought out by one of New Zealand's largest investment advisory firms.
Craigs Investment Partners said last week that it acquired The Money People Ltd, owned by Peter Hensley. The change takes effect on April 1.
Craigs said the acquisition would strengthen its position as one of New Zealand's largest investment advisory NZX participant firms.
It now has a network of 17 branches throughout New Zealand including its existing branch in New Plymouth which will now have six investment advisers.
"We are looking forward to working with Peter and his team who have a strong history and relationship with the broader New Plymouth region.
"We will focus our efforts on providing a seamless transition for Peter and his clients, and continuing the high level of service and advice Peter has always provided," Craigs managing director Frank Aldridge said.
Hensley said his clients, of which there were up to 1000, would become Craigs customers.
"The Money People will disappear and I will merge my business with Craigs," Hensley said.
The acquisition would provide his clients with an enhanced service.
"The time is right to join a firm with strong financial resources matched by high quality domestic and international research."
It would enable The Money People clients to have access to the full range of client services that Craigs offered, he said.
"I think it's an excellent opportunity for clients."
Hensley said Craigs had approached him about the acquisition which came as a surprise.
"It was something that came out of the blue."
Hensley employed three staff.
The Money People financial adviser Peter Barker would go off on his own and manage The Money People's Kiwisaver client base, a support staff member would also join Craigs and another support staff member would be made redundant, Hensley said.
The Money People was established in 1994 and has been operating out of Queen St for about 12 years, Hensley said.
Craigs is 51 per cent owned by about 130 senior employees of the firm, with the rest owned by Deutsche Bank.
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