National Australia Bank (ASX:NAB) taps Jarden for NZ wealth and asset management business merger

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.