On its website GWM told investors that Gould “remains committed to the business” and will remain a director of GWM and take a place on the Spicers board.

“The merger of GWM and Spicers is not just a sale of the business, but a combination of our business with Spicers so we can enhance our service for all of our clients,” the GWM note says.

It is understood AXA's takeover of GWM included a 'work-out' agreement with the final sale price dependent on GWM meeting certain criteria at some point in the future.

The GWM note also says Spicers will provide a “dedicated resource” to deal with “the issue of the impaired assets held in some client portfolios” by working with trustees, receivers and others involved in unwinding investments in failed or frozen finance companies.

“This will be known as the Distressed Debt Support Team and is an example of the resource commitment that can be made possible by a larger organisation,” the GWM note says.

Many of GWM's clients were left holding significant finance company investments after the group bought out a large chunk of the MFS-owned Vestar client base last year.

According to the GWM website, there will be “no immediate changes to GWM portfolios”. The group has also scheduled a national roadshow starting in Invercargill and Dunedin next week where GWM clients can meet with current management, AXA chief, Ralph Stewart, and head of Spicers, Gordon Noble-Campbell.

As well as disposing of GWM, Gould Holdings has also hived off other assets in recent months including the Chong news-clipping business. According to the Gould Holdings website, the company now only has one subsidiary – the “counter seasonal winter testing” business Southern Hemisphere Proving Grounds. Jeff Staniland, current GWM chief, was not available for comment before presstime.