Jarden, NAB form FirstCape including Harbour

The new organisation will be called FirstCape and will combine the JB Were New Zealand's operations, Harbour Asset Management, and NAB's BNZ Investment Services with Malcolm Jackson, currently chief executive of Jarden Weath and Asset Management, as its first chief executive.

FirstCape will have $29 billion in funds under advice and administration and another $15 billion of funds under management (FUM) – Harbour currently has about $8 billion FUM – and will employ 113 advisers.

Jackson said that the three advices businesses, JB Were, Jarden and BNZ, will continue to operate with no changes in the way they serve clients.

NAB will own 45%, Jarden 20% and PEP 35% of FirstCape and both NAB and Jarden will receive an unspecified cash payment.