Listed financial services firm Tranzact Financial Services (Tranzact) is forging on with New Zealand growth plans by snapping up stakes in two planning practices.
Tranzact, partly owned by Grosvenor Financial Services, has made seven acquisitions since its Partnership for Growth program began across the Tazman in April.
It has acquired a 20 per cent stake in Wellington-based Cranfield Insurance and Investments, which has two advisers.
Tranzact has also acquired 20 per cent stake in HKF (Rutherford Rede), based in Christchurch.
The business is a joint venture between two planners and an accountancy practice that specialises in servicing medical professionals.
“Trazact is well on track to achieve its stated objective of having financial interest in a minimum of 10 New Zealand adviser practices before the end of the 2008 financial year,” Tranzact managing director Allan Yeo said.
Grosvenor Financial Services, which has a major shareholding of 59.8 per cent in Tranzact, provides support services to roughly 120 financial adviser practices in New Zealand.
The acquisitions widen the company’s footprint in the Wellington and Christchurch financial services market.
On June 30, 2007 Sydney-based Tranzact reported net profit after tax of $631,000.
