Tranzact has acquired a 20 per cent stake in advisory practice Rutherford Rede, which will join the Camelot Partnership for Growth program.
Financial advisory practice Rutherford Rede (RRC) has joined Tranzact Financial Services' Camelot Partnership for Growth program, Tranzact has announced.
"Tranzact will acquire a 20 per cent financial interest in RRC, marking its eleventh stand-alone acquisition since the partnership program was launched in New Zealand in early 2007," Tranzact managing director Allan Yeo said.
RRC will merge together funds held on the Grosvenor Financial Services Group administration platform by Amicus Group Limited.
Grosvenor is a major shareholder of Tranzact, and RRC and Amicus have both been long-standing users of Grosvenor's administration platform.
The creation of Tranzact's unified dealer group Camelot, which all of its partners will operate under, is scheduled to launch in New Zealand next Friday, August 15, Yeo said.
"Once the Camelot Partnership program is underway in New Zealand, we will begin work in Australia," he said.
"Tranzact is currently in discussions with several other potential partners to unite under the Camelot brand."
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