National Australia Bank and Jarden Wealth and Asset Management are merging their wealth advice and asset management businesses in New Zealand under a new company, FirstCape.

Pacific Equity Partners will also be a shareholder.

The new firm will incorporate NAB's JBWere New Zealand and BNZ Investment Services businesses, along with Jarden Wealth and Harbour Asset Management, to establish a leading advice and asset management business in New Zealand.

Upon completion, NAB and Jarden will retain a 45% and 20% shareholding respectively, and PEP will acquire a 35% stake.

The transaction is subject to New Zealand regulatory approvals and is expected to be finalised by June 2024.