SHARE NZ has taken the industry by surprise by acquiring rival Newpark Group after it sought new financing due to uncertainty over its life insurance revenue.
According to TMM Online, SHARE NZ has acquired Newpark to boost its home loan adviser team. With 200 advisers from Newpark Home Loans, SHARE will now have over 500 advisers for insurance, mortgage, and investment.
A new company, Newpark 2020, was listed on the companies register on November 12 – with SHARE NZ as its 100% shareholder.
Sources told TMM Online that the Newpark brand will remain, and its advisers can keep their planned regulatory setup and FAPs or take one of the options available to current SHARE members. They also clarified that it would be “business as usual” for Newpark advisers even after the acquisition.
However, Newpark directors Darren Gannon, Adele Gannon, and Murray Weatherston will step down from the board as SHARE NZ directors assume board seats. SHARE chief executive officer Tony Dench will be the CEO of the combined group, while SHARE financial adviser Richard Thomas will become chairman, the sources said.