Professional Investment Services (PIS) has strengthened its offshore presence, with the merger of its New Zealand advisory firm with fellow New Zealand business the Newpark Financial Services group.
The merged company will house more than 250 financial advisers and 130 accounting firms across New Zealand.
"PIS NZ has been powering in recent years and we were looking at strategies to take it to the next level," PIS chief executive Robbie Bennetts said.
"This merger will do that. The merged group will create huge benefits for clients and the new entity itself, through the strong synergies between the PIS NZ and Newpark companies."
PIS NZ will become New Zealand's largest financial advisory group and enters the marketplace at a time when the New Zealand Government is set to introduce new financial planning laws, Bennetts said.
"Both PIS NZ and Newpark have set high standards for their advisers, and the merged entity will be in a fantastic position to further expand its market share," he said.
The merger is subject to approval from shareholders of PIS NZ.
PIS NZ general manager David Keys will become the new entity's general manager, while Newpark chief executive Darren Gannon will head life risk business.
PIS NZ was founded in 2001 and has grown its network to almost 100 branches.
Globally, PIS has more than $24 billion funds under advice.
