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Draft:Jarden (Investment Bank)

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Jarden Group
Company typePrivate company
IndustryFinancial services
Founded1961
FounderRon Jarden
Headquarters
Commercial Bay (skyscraper), Auckland
Key people
Fraser Whineray (Executive chairman)
ProductsInvestment banking
Securities brokerage
Securities research
RevenueIncrease NZ$306M (2024)
Increase NZ$84M (2024)
Websitewww.jarden.co.nz

Jarden (formerly First New Zealand Capital, FNZC) is a New Zealand multinational investment banking, wealth management and financial services company. Founded in 1961, Jarden is headquartered in Auckland, with regional offices across New Zealand and a growing investment banking presence in Australia.[1]

Jarden is also a registered NZX market participant and advising firm.[2]

History

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Foundation and establishment: 1961–1980s

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Jarden was founded in 1961 as R.A. Jarden & Company by Ron Jarden, a former rugby union footballer and an influential figure in New Zealand finance. Initially focused on stockbroking, the firm quickly expanded into corporate finance, investment research, and wealth management services to support New Zealand’s growing financial market.[1][3]

1980–2018

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In the 1980s, the firm operated under the name Jarden Morgan and broadened its reach into fixed-income sales and trading. By 1990, Credit Suisse First Boston (CSFB) acquired a controlling stake in Jarden’s corporate finance and research operations for NZ$7m, integrating the firm into its international investment network.[4]

However, in 1995, local management led a buyout, securing a 75% stake while CSFB retained the remaining 25%, renaming the firm First New Zealand Capital (FNZC).

In 2002, the firm achieved full independence when CSFB sold its stake to New Zealand management. This era saw FNZC rise in New Zealand’s financial sector while also creating an alliance with Credit Suisse that granted access to global investment resources.[5]

In 2017, FNZC agreed to buy Direct Broking, a retail share trading platform from ANZ.[6]

2019–present

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In March 2019, FNZC rebranded to Jarden to honour its original founder, Ron Jarden.[7]

Since renaming, Jarden has completed major IPOs, capital raises for top NZX and ASX listed firms.

In 2022, Jarden signalled an interest in acquiring Kiwi Wealth, a default provider for New Zealand’s KiwiSaver retirement savings scheme.[8] While Kiwi Wealth was ultimately acquired by Fisher Funds, Jarden’s bid underscored its ambition to expand its asset management capabilities.[9]

In late 2023, Jarden formed a strategic alliance to establish FirstCape, a joint venture with BNZ, JBWere, and Harbour Asset Management to manage over NZ$44 billion in funds.[10][11][12] The new merged entity was valued at NZ$700m during the transaction.[13]

Australian expansion

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In May, 2020, Jarden announced its expansion into the Australian market by appointing four leading corporate finance and markets specialists to spearhead Jarden Australia's growth. The appointments included big names who were recruited from top firms UBS and Goldman Sachs.[14][15][16]

In May, 2021, Jarden entered into a strategic alliance with Nomura, a Japanese investment bank and financial services firm to provide greater balance sheet support towards dealmaking.[17]

According to the Australian Financial Review, as of April 2024 Jarden's Australian business turned its first profit of A$18.4m. Along with an NZ$84m profit on revenues of NZ$306m for wider Jarden Group.[18]

Notable transactions

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References

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  1. ^ a b "About Jarden » Jarden". www.jarden.co.nz. Retrieved 27 September 2024.
  2. ^ "NZX, New Zealand's Exchange- BackAll Market ParticipantsParticipant types". www.nzx.com. Retrieved 3 November 2024.
  3. ^ "Story: Jarden, Ronald Alexander". February 2006.
  4. ^ "JARDEN MORGAN SELLS NZ AND SYDNEY BUSINESS". Australian Financial Review. 31 August 1990. Retrieved 25 October 2024.
  5. ^ "CSFB latest to weigh anchor - Business News". NZ Herald. 6 October 2024. Retrieved 6 October 2024.
  6. ^ "First NZ Capital to buy ANZ's Direct Broking". NZ Herald. 28 October 2024. Retrieved 28 October 2024.
  7. ^ "FNZC no longer – Good Returns". www.goodreturns.co.nz. Retrieved 27 September 2024.
  8. ^ "Kiwibank review: Jarden makes move for Kiwi Wealth". NZ Herald. 27 September 2024. Retrieved 27 September 2024.
  9. ^ "Fisher Funds buys Kiwi Wealth for $310m". RNZ. 15 August 2022. Retrieved 27 September 2024.
  10. ^ "FirstCape: New investment entity will manage $44b worth of funds". RNZ. 14 December 2023. Retrieved 25 October 2024.
  11. ^ Penny, Jessica (30 April 2024). "NAB completes strategic move in New Zealand". www.investordaily.com.au. Retrieved 25 October 2024.
  12. ^ Taylor, Mike (30 April 2024). "NAB completes exit of NZ wealth management". Financial Newswire. Retrieved 25 October 2024.
  13. ^ "Jarden votes through FirstCape, frees up cash for investment bank". Australian Financial Review. 14 March 2024. Retrieved 25 October 2024.
  14. ^ "Jarden Announces Australian Expansion & Key Appointments To Drive Growth » Jarden". www.jardengroup.com.au. Retrieved 6 October 2024.
  15. ^ Evans, Gavin (6 October 2024). "Jarden raids UBS, Goldman for Australian business". NZ Herald. Retrieved 6 October 2024.
  16. ^ "Jarden's talent grab is at the vanguard of a splintering Australian industry". Euromoney. 12 August 2020. Retrieved 26 October 2024.
  17. ^ "Jarden Securities, Nomura sign deal to service New Zealand and Australia". RNZ. 10 May 2021. Retrieved 25 October 2024.
  18. ^ "Jarden's local investment bank turns profit after heavy cost cuts". Australian Financial Review. 16 April 2024. Retrieved 22 September 2024.
  19. ^ "Stuff". www.stuff.co.nz. Retrieved 28 October 2024.
  20. ^ "Private equity to sell down My Food Bag shares in $342m IPO". NZ Herald. 5 February 2021. Retrieved 28 October 2024.
  21. ^ "Spark sells majority stake in mobile phone towers for $900m". RNZ. 12 July 2022. Retrieved 28 October 2024.
  22. ^ "Lodestone Energy officially opens first North Island solar farm, Kohirā". 29 February 2024.
  23. ^ "Fletcher Building in trading halt, seeks to raise $700m". 1News. Retrieved 28 October 2024.
  24. ^ "NZX Equity Raising Announcement". 23 September 2024.
  25. ^ "The Post". www.thepost.co.nz. Retrieved 28 October 2024.

Category:Financial services companies of New Zealand Category:Companies based in Auckland Category:Privately held companies of New Zealand

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