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Forsyth Barr gains access to 'thousands' more clients

Dunedin-based Forsyth Barr has further stretched its client base by acquiring a 50% stake in Hawke's Bay-based sharebroking firm Esam Cushing.The deal, announced yesterday, will take effect from May 31 and follows confirmation last month that Germany's De

Duncan Bridgeman
Tue, 04 May 2010

Dunedin-based Forsyth Barr has further stretched its client base by acquiring a 50% stake in Hawke's Bay-based sharebroking firm Esam Cushing.

The deal, announced yesterday, will take effect from May 31 and follows confirmation last month that Germany’s Deutsche Bank plans to buy a 49.9% stake in Craigs Investment Partners, pending shareholder approval.

Esam Cushing director Sir Selwyn Cushing said the directors had considered carefully the interests of clients and staff and endorsed Forsyth Barr as the best option going forward.

He recently told NBR that the business was performing well and had not lost a dollar for its clients in any of the finance company collapses in the past three years.

"We are very pleased to be joining together with Forsyth Barr and look forward to providing our clients with an enhanced service whilst retaining our independence as a local Hastings firm,” he said in a joint statement yesterday.

Forsyth Barr managing director Neil Paviour-Smith said the two companies shared the same values and joining together was a positive step for both firms.

He said Hastings was a good area for the firm to expand into with a population of over 50,000.

Mr Paviour-Smith wouldn't disclose details of Esam's funds under management but said the firm had "several thousand long-standing" clients.

In the past 18 months Forsyth Barr has expanded its footprint from 11 branches throughout the country to what will now be 19 branches with around 110 investment advisors.

Duncan Bridgeman
Tue, 04 May 2010
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Forsyth Barr gains access to 'thousands' more clients
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