Zenith today revealed that it has entered into a conditional sale and purchase agreement with NZX Limited to acquire New Zealand research business FundSource.
FundSource is one of New Zealand’s longest standing investment research houses, having supplied analysis to financial advisers and fund managers since 1983. It monitors approximately 700 funds including unit trusts, KiwiSaver schemes, personal schemes and insurance bonds totaling over $100 billion in NZ Household savings.
Commenting on the acquisition, Zenith co-founder and director David Smythe said that Zenith is committed to growing the NZ market for funds research and sees a great opportunity to bring together the synergies of a strong brand in the NZ market with the size and scale of its Australian operation from a research and analytical perspective.
Established in 2002, Zenith is 100 per cent privately owned and provides what is calls “advice-based research”.
“Our success is built on two key principles: investment research excellence and a business model aligned with advice practice success,” Mr Smythe said.
The sale process is expected to be finalised this month.