The Synergy Investment Programme, which has $300 million in funds under management was established as a joint venture between SBS Bank subsidiary Funds Administration NZ and Consilium.

Up until now FANZ provided the administration and the discretionary investment management service (DIMS) and Consilium providing the investment expertise.

Consillium this week was granted its own DIMS licence and will take over the administration of the programme from October 1.

"The natural evolution of this relationship, and the changing nature of the advice environment in New Zealand, will see Consilium assume Synergy’s DIMS responsibilities from 1 October 2018. To facilitate this change," Consilium managing director Scott Alman said.

“Teaming up with FANZ resulted in a partnership more successful than we could have imagined, and has developed a deep and lasting connection between both businesses.”

FANZ Executive Director, Graham Duston says “Synergy has been more successful than we could have hoped for. A recent strategic review by FANZ confirmed that future changes in adviser legislation meant Consilium was a more natural owner of Synergy moving forward."

"Although FANZ will be relinquishing its current Synergy role to focus on the strong growth in our private wealth management division, we plan to remain long term investors and supporters of Synergy.”

The investment philosophy and processes underpinning the Synergy portfolios would not change with the appointment of Consilium as Synergy’s DIMS manager.

Consilium supports the quality, reputation and reach of financial advisers all over New Zealand, through innovation and globally recognised best practice systems. The total assets of firms utilising Consilium services or support is now over $3 billion.