Australian aggregator launches into NZ

by Rebecca Pike30 Oct 2018

An Australian financial services group has announced it is heading into the New Zealand market through a partnership with one of the country’s leading mortgage groups.

Astute Financial Management (Astute) supports more than 500 members and provides solutions on finance, insurance and wealth, including the Astute Simplicity Home Loan.

The joint venture will allow Astute to provide a more diversified product offering, through a partnership with Mortgage Express New Zealand.

Astute will provide its fully integrated financial services model to the new joint project, which Mortgage Express will adopt in order to enhance its current service offering to their member base.

Both groups have a strong focus on compliance, with Mortgage Express being early adopters of a new compliance regime in New Zealand.

Director of Astute, Brad Wood, said, “Astute have been in the Australian market providing services to high quality financial services businesses for over 18 years.

“We have been investigating our options to enter the New Zealand market for over five years but have been waiting for the right partner to work with. We have found that partner with Mortgage Express. We are really excited to be bringing this full-service financial model to New Zealand.

“It was very important to us, when looking to partner with someone in New Zealand, that our culture and values were aligned. We are very comfortable that this is the case with Mortgage Express, whose reputation is one of innovation, compliance and quality, values we hold dearly.”

Sarah Johnston, formerly of Mortgage Express and now incoming CEO of Astute Financial Management in New Zealand said, “The joint venture opens up an opportunity for us to deliver a diversified product range to members in New Zealand and also to their clients. It will be a truly game changing offering for our members.

“We look forward to getting to work now and helping our members to grow a full service financial services experience.”

The official launch date of the venture is 1 November, when the existing business will roll into the new business.

The joint venture is only with Mortgage Express in New Zealand and has no bearing on its Australian operation.