Lifetime Group Limited and Camelot NZ Limited this week announced they intend to merge, creating one of New Zealand’s largest independent financial services companies.
Camelot will acquire Lifetime with effect from 30 April 2018, with a statement noting the combined entity will support over 100,000 clients with life and health insurances, mortgage and business lending, and will have in excess of $800 million investment funds under management and in KiwiSaver.
The combined staff of 165 will be co-locating across 16 offices around the country and will operate under the ‘Lifetime’ brand.
“As well as sharing similar values and high ethical standards”, said Lifetime Chief Executive, Jon O’Connor, “…the expertise that Lifetime offers in insurance and home lending complements the specialist financial planning and investment services of Camelot.
“Together our clients will get the benefit of a holistic approach to their financial needs, all under one brand with greater distribution capability than ever before,” he said.
Camelot Managing Director, Peter Cave, said the merger means they can further build on the strong foundation each company brings.
“The Camelot and Lifetime boards share a sense of responsibility around leading the charge in embracing and driving the regulatory change in our industry”
Both Lifetime and Camelot have key strategic partnerships through shareholding that will continue with the newly merged entity, which include Booster, Rothbury and Bayleys.
A new Board will be established, comprising Directors from both companies and with Camelot’s current Chair, David Whyte, appointed as the new Chairman.
“The Camelot and Lifetime boards share a sense of responsibility around leading the charge in embracing and driving the regulatory change in our industry,” Whyte said.
Cave will lead the new Lifetime group as the Managing Director with O’Connor continuing in the Lifetime Executive Leadership team.
This is the second significant transaction in less than two years for the Lifetime Group, after it partnered with insurance brokerage Rothbury Group Limited in December 2016, acquiring its personal insurance and lending division.