TA Associates, advised by Morgan Stanley, was one of three parties to table non-binding indicative offers last Friday. It is going up against KKR-controlled Colonial First State, which has bid for both Perpetual’s wealth management and corporate trust business, and is advised by Jefferies and Gilbert + Tobin. Lastly, Swedish PE player EQT Partners is chasing the corporate trust business.
Fisher Funds was founded in 1998 by businesswoman Carmel Fisher, who in 2013 sold a stake to the TSB Community Trust. At the time of TA Associates’ arrival in 2017, the firm had 270,000 clients and $NZ7 billion under management.
Fisher Funds acquired Aon New Zealand’s superannuation business in late 2021. The deal added 21,000 members and $NZ1 billion FUM to the business. A year later, it bought Kiwi Wealth, which was sitting on $9 billion FUM. Pacific Equity Partners and Jarden were underbidders in the Kiwi Wealth auction.