It says the deal isn’t part of a strategy to use Northplan as a distribution channel for investment products from St Laurence.

Bret Jackson says the private equity fund is totally separate from the funds management business. St Laurence Private is a private equity fund of approximately 35 investors, headed by Jackson, and is a joint venture between himself and the St Laurence Group.

It is not marketed to advisers or the public as an investment opportunity itself.

Northplan is one of the bigger financial planning groups in New Zealand with around $800 million in funds under management.

Chief executive Kelvin Syms says the deal “introduces younger blood to the group’s board to ensure a solid foundation for the future.”

“We are excited by the quality of the group businesses, the quality of the management and the future prospects of both the group and the financial planning industry in New Zealand,” Jackson says.

“This industry sector is definitely a hot sector in terms of corporate activity, regulation change and general industry flux.

“We believe the New Zealand market will follow closely the Australian market trends of new regulation (financial planner competency/certification, disclosure requirements, documentation and dispute resolution processes), industry consolidation, acquisitions by large institutions and public listings.

“Northplan is well positioned to be a leading participant in the evolution of the industry in New Zealand as it already has scale and a strong track record,” Jackson says.