NAB will restructure its wealth business in New Zealand, merging it with Jarden Wealth and Asset Management Holdings and introducing private equity firm Pacific Equity Partners as a third shareholder. NAB announced yesterday that its subsidiaries JBWere New Zealand and BNZ Investment Services Ltd will form part of a new company FirstCape. They will combine with Jarden Wealth and Harbour Asset Management. Jarden is a New Zealand company that changed its name from First NZ Capital four years ago. NAB will have a 45 per cent shareholding in the new business, Jarden will own 20 per cent and PEP will acquire 35 per cent. NAB and Jarden will each receive a cash payment from PEP. No pricing details were provided. NAB said FirstCape would be one of New Zealand’s leading wealth management businesses, with 113 advisers, NZ$29 billion of funds under advice and administration and NZ$15 billion of funds under management. It said the deal would provide the opportunity to grow the business, particularly the BNZ KiwiSaver scheme, by expanding product offerings and combing Harbour’s asset management capability with BNZ’s distribution network. FirstCape chief executive will be Malcolm Jackson, who is CEO of Jarden’s wealth and asset management businesses. The bank said the transaction would not have a material impact on its earnings or its capital position. It expects to complete the deal by the middle of next year.