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Investment consulting firm, MyFiduciary, has sold down a quarter of the business to the owner of Māori financial services firm, IWIinvestor, in a unique joint venture arrangement.
MyFiduciary told clients yesterday in a note that “Tupu Angitu, the commercial arm of the Lake Taupō Forest Trust” had taken a 25 per cent shareholding in the consultancy firm.
“Toni Kerr (Ngāti Tūwharetoa, Ngāti Raukawa ki te Tonga) will join the MyFiduciary board,” the note says.
IWIinvestor, which offers investment portfolios and financial advice to Māori predominately in the North Island, appointed MyFiduciary as consultant in 2019 after a revamp of the operations.
Aaron Drew, MyFiduciary principal, said in a statement: “There has been a close working relationship with IWIinvestor for many years. Bringing the companies together will help us provide a better service for our clients.”
The Auckland-headquartered MyFiduciary has grown into an influential investment consulting and governance business with about 75 clients including 44 iwi-associated entities.
Drew said the business has about $3.5 billion in funds under advice, split between roughly $2 billion in consulting clients and $1.5 billion in MyFiduciary-designed model portfolios used by financial advisers.
As well as offering consulting and portfolio services, MyFiduciary provides governance training and assurance, recently expanding to Australia as a Centre for Fiduciary Excellence (CEFEX) certification specialist.
The client note says the MyFiduciary “core investment approach will remain in place” post the IWIinvestor equity injection.
“Our advice will remain based on the importance of long-term planning and investment strategies that can benefit current and future generations,” the note says. “We remain focussed on helping Advisers by providing expert investment support and solutions, investment governance training and firm assessments, and openly sharing our knowledge.”
Tupu Angitu chief executive, Olivia Poulsen, said in the release that “we hope the newly combined entity will continue to support the growth and prosperity of our people for a long time to come”.
Drew joined MyFiduciary in 2016 as the long-established niche consultancy firm began to expand into other areas such as the financial advice sector where the exit of several fund research providers had left a gap in the market.
In 2018, Morningstar Australasia fund research leader, Chris Douglas, also moved to MyFiduciary.
MyFiduciary staff continue to hold the remaining 75 per cent stake in the company, the release says.
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