The combined Jarden/JBWere NZ wealth management business, FirstCape, has named its board of directors ahead of its launch on May 1.
The firm came together following a deal confirmed last December that merges Jarden’s wealth management business with National Australia Bank’s JBWere New Zealand business.
The deal also included BNZ’s KiwiSaver business and Jarden’s fund management arm Harbour Asset Management, giving the group a combined $44 billion of funds under management, advice, and administration ($29b under advice and management and $15b funds under management, including $5b of KiwiSaver FUM).
Last week, FirstCape said it had appointed former NZ Super boss Matt Whineray as chair. Whineray left NZ Super last year.
On Tuesday, it named the rest of the directors.
They are: Harbour Asset Management’s Andrew Bascand, BNZ Investment Service’s Peter Forster, JBWere NZ’s Craig Patrick, and Jarden Wealth’s Chris Wilson.
One of six people charged in a complex mortgage and investment fraud case has pleaded guilty to four charges of obtaining by deception. The plea follows a Serious Fraud Office investigation that began in 2020 after a referral from Police. The person, whose name is currently suppressed, was charged alongside Gerard Peters, Robert Peters, and three other people who can’t be identified yet. The person’s admission – that they provided misleading information to their bank as part of a 2018 loan application – marks a pivotal step in the investigation, the SFO said. It alleged the defendants engaged in a scheme to obtain credit and properties by making false claims on home loan applications and to conveyancing solicitors. In total, they are alleged to have obtained more than $8.6m in lending and attempted to obtain another $3m. The person will be sentenced on August 14.
The 2024 Federated Farmers-Rabobank Farming Salaries Report indicates substantial growth in farm salaries despite recent industry challenges. Released yesterday, the report highlights an average farm worker salary increase of $7480 to $71,411 since 2022. The survey, encompassing data from 529 farm employers and nearly 1800 employees, shows a 13% rise in the weighted average salary across various on-farm positions. Notably, dairy herd managers, sheep and beef farm managers, and arable farm managers have seen salary increases of 19%, 22%, and 28% respectively. Total package values, including benefits such as vehicle use and allowances, also showed strong growth. The latest BDO Business Wellbeing Index report illustrated the agribusiness sector was showing resilience and a more positive outlook, possibly due to favourable conditions in dairy pricing.