New Zealand owned financial services and investment management company, Booster Group, has confirmed it has made an offer to buy all the shares in financial advice business Lifetime Group Holdings.
Booster Group, which owns fund manager Booster Investment Management and payments infrastructure company Banzpay, says in a statement that it has made its offer to Lifetime shareholders, which is now under consideration.
Booster Group Chair Paul Foley says Lifetime is one of New Zealand’s largest and most respected financial advice businesses and has significant future growth potential.
“Booster Group has a range of interests across the financial services sector. We see the demand for advice rising, particularly as Baby Boomers are beginning to face the task of managing their savings through retirement. Our offer to acquire Lifetime is consistent with Booster’s purpose of helping grow Kiwis’ financial resilience.”
Foley says a key principle of the proposal “…is the continuation of Lifetime’s role to provide impartial financial advice, and for Lifetime to continue to operate autonomously as a stand-alone advisory business, separate from Booster’s funds management business.”
He notes that with Booster having had a long and valued association with Lifetime, it recognises the expertise of Lifetime’s advisers, management team and staff, in helping New Zealanders make informed financial decisions.
“Our objective is to support and strengthen the Lifetime business, so we’re not intending to make any fundamental changes to Lifetime’s brand, management team, adviser network, staff, culture and client relationships, which are all highly valued.”
Lifetime says on its website that it employs more than 150 people in 12 locations throughout New Zealand.
The Booster statement says throughout its history its funds management business has been known for its advocacy for unaligned financial advisers, and that it has been clear that the proposal does not alter Booster’s commitment to the wider adviser community.
Booster remains committed to supporting advisers and adviser businesses throughout New Zealand as we always have…
“Booster remains committed to supporting advisers and adviser businesses throughout New Zealand as we always have,” Foley says.
The company says the proposal reflects Booster Group’s confidence in both Lifetime and the future of quality financial advice in New Zealand.
“The need for trusted, impartial professional financial advice remains as important as ever, particularly as financial decisions become increasingly complex.”