Grosvenor management buy out founding financial planners
Grosvenor was set up by a group of Rutherford Rede financial planners 18 years ago to provide funds management and back off services to financial planners. Now it has more than $1.4 billion in funds under management and has 450 advisers distributing its KiwiSaver business.
The firm was established as a joint venture between the financial planners and Oxford Capital, a business associated with current Grosvenor chief executive Allan Yeo.
One of the founding financial advisers, Peter Christensen, says Grosvenor was esablished as they got sick of doing all the work getting business and giving it to fund managers, when that "put all the value on their balance sheet."
Under the management buyout a group of six Grosvenor executives, including Yeo and chief investment officer David Beattie will acquire the 41% of the business owned by interests associated with Rutherford Rede advisers. Their total holding will total around 65% of the business.
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