Pictured: NZHL CEO Kip Hanna, NZHL chairman Richard Westlake and LFG chief executive Josh Bronkhorst.
NZ Home Loans, which is owned by cashed up Kiwi Group Holdings, has taken a majority stake in Link Financial Group for an undisclosed amount.
Speaking at the Link Group conference today NZHL chairman Richard Westlake says LFG is Kiwi success story and a growth opportunity for the business.
NZHL had looked around the market and settled on the deal partly because of the advice technology LFG had developed and also because it was a good cultural fit.
NZHL chief executive Kip Hanna said the company was “looking forward to utilising the New Zealand technology expertise of LFG – particularly their proprietary advisory software – Advice Link.”
LFG managing director Josh Bronkhorst will remain a shareholder in the business and continue to run LFG.
Hanna says LFG will operate separately, with NZHL input and oversight at board level.
Hanna says although NZHL and LFG have different client propositions both businesses are committed to helping Kiwis get ahead financially.
“The New Zealand adviser market is growing, as more people want personalised service and guidance around their home loans, so despite broader economic headwinds we are optimistic about the opportunity this acquisition will bring for both businesses.”
Much was made of the fact that LFG would stay New Zealand owned, while some of the other aggregation groups were Australian owned.
Bronkhorst says “it will pretty much be business as usual for our people and our clients, it’s great to have NZHL on board to help us drive the business forward and maximise future growth.”
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