Shaw and Partners splashes $63m for New Zealand expansion

Shaw and Partners Financial Services, a subsidiary of EFG International, has acquired a 75% stake in Auckland-based Investment Services Group (ISG) for NZ$67.5 million ($62.5m).

The move brings Shaw and Partners Financial Services' assets under advice close to $45 billion.

Under the agreement, the ISG business will report to Shaw and Partners' chief executive Earl Evans.

The acquisition will strengthen Shaw and Partners' presence across the New Zealand market, supporting its broader trans-Tasman growth, the firm said.

ISG's funds under management are fully annuitised, providing a "strong base" of recurring revenue and a solid platform for future growth, strengthening and complementing Shaw and Partners' existing offering.

ISG currently manages over NZ$7 billion ($6.5bn) in assets - which includes operations in wealth management, retail and institutional funds through Devon Funds, and a growing investment platform.

As part of the deal, ISG's international wealth business, JMI Wealth, will rebrand to Shaw and Partners Financial Services., while its investment platform will remain a core part of the group's offering,

Devon Funds will, however, continue to operate under its name, retaining independence and local leadership.

"ISG has built an exceptional reputation and platform in New Zealand, which they should be very proud of," Evans said.

"This acquisition represents a powerful alignment of values, vision, and opportunity. With their fully annuitised funds management business and a solid wealth advisory platform, this sets us up to take advantage of major growth opportunities across the trans-Tasman region."

Meanwhile, ISG executive chair Paul Glass said the partnership will provide ISG with the scale, resources, and capital for its strategic objectives.

"We are particularly excited about the growth prospects this unlocks - not just for us, but for our clients, our teams, and the broader market," Glass said.

"Partnering with Shaw and Partners allows us to expand without compromising the integrity and independence that are core to our success. Together, we see immense opportunity to grow."

ISG operates two main offices in Auckland and Takapuna, along with several regional offices across both the North and South Islands.