New Zealand investment firm goes it alone
One of the country's largest investment firms, Craigs Investment Partners, is returning to full New Zealand ownership with Germany's Deutsche Bank selling out.
Craigs staff are buying Deutsche's 49.9 percent stake, ending a nine year partnership.
"We have enjoyed a nine-year relationship with Deutsche Bank, one that has proved mutually beneficial throughout a period that has seen the New Zealand financial markets evolve and our business grow exponentially," Craigs founder and chairman Neil Craig and managing director Frank Aldridge said in a statement.
They said the ownership change would not change Craigs operations. The company is one of the largest sharebroking traders on the New Zealand Stock Exchange.
It manages $20 billion of funds for its private wealth clients, does research on local and international listed companies, as well as investment banking and asset management.
Craig started Craig and Co in Whakatane in 1984.
The Dutch firm ABN AMRO bought a half stake in Craigs in 2001, and during an eight-year partnership expanded through the acquisition of the local operations of Wall Street giant Merrill Lynch and a cluster of New Zealand broking and investment advisory firms.
This article was originally published on RNZ and re-published with permission.
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