Craigs Investment Partners acquires Somerset Smith Partners’ investment advisory business

Craigs Investment Partners (Craigs) and Hawke’s Bay wealth management firm Somerset Smith Partners (Somerset Smith) have entered into an unconditional agreement for Craigs to acquire the longstanding Hawke’s Bay investment advisory firm.

The agreement brings together close to a century of trusted financial stewardship from Somerset Smith, with the depth and scale of Craigs’ expertise, to create a leading wealth management proposition in Hawke’s Bay.

Craigs’ CEO Simon Tong says the acquisition is an important step towards realising Craigs’ growth ambitions and makes sense for the firm both nationally and regionally.

“The acquisition aligns with Craigs’ growth strategy and strengthens our position as an independent and nationwide leader in personalised wealth management services.  Somerset Smith is a great example of New Zealand’s many reputable, regional firms that have built enduring client relationships over time.” says Tong.

Craigs’ Head of Private Wealth and Markets Jeremy Williamson says it’s good news locally, too. “Our Hawke’s Bay team will grow to a combined team of 10 investment advisers across two offices in Havelock North and Napier, offering local clients an extensive advice network at their doorstep and growing our existing presence in the Hawke’s Bay community.”

Anthony Sabiston, Managing Partner at Somerset Smith, says the strong alignment of client-led values and ability to support the continued success of investment advisers and clients were central to the decision to sell the business to Craigs.

“Craigs and Somerset Smith share a strong commitment to client experience and outcomes, reflected in the continuity of the adviser-client relationship that sits at the heart of the agreement,” said Somerset Smith Partner Andrew Pearson, while visiting the Craigs’ team on Friday. “We are confident that Somerset Smith’s clients and investment advisers will enjoy a bright future with Craigs.”

Craigs and Somerset Smith are working together to ensure a smooth transition for clients. Somerset Smith’s investment advisers will join Craigs, where they will continue to offer exceptional private wealth services to their clients, supported by Craigs’ global resources and insights.

The acquisition grows Craigs’ advisory network to over 200 investment advisers across 21 full-service locations with over $35 billion in funds under management.

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