It has announced the strategic alliance, which it said would support clients across the equities and corporate advisory business.

“After a period of careful and considered due diligence, we are pleased to have formed a strategic alliance with such a large and highly regarded organisation. It is an extremely exciting time for our business, and this opportunity will provide ongoing benefits to all our clients,” Aldridge said.

He said it was a “light-touch” agreement at this stage. Discussions first began with JP Morgan in September or October last year.

Deutsche Bank sold out of Craigs IP, returning its 49.9% stake to staff, in December last year.

Aldridge said the alliance would have three components – investment banking and the cross-border deals it would give access to, institutional equity flows to New Zealand and the research for advisers.

It created the potential for more international products, services and private banking to be accessed from New Zealand, he said.

Craigs will remain a stand-alone business, with Craigs’ staff shareholders retaining 100% ownership. 

Aldridge said while the alliance brought benefits to Craigs’ corporate and private wealth clients, there will be no change to the business structure, the operations or management team leading the firm and service to our clients will remain seamless.

“This is another positive move forward for us. The opportunity to work closely with JP Morgan, one of the world’s leading financial services firms, will help us offer an even broader range of financial products and services, and significant investment opportunities to our clients,” Aldridge said,