Applicant
TA FF HoldCo Limited
Case number(s)
201720056
Decision date
Type
Decision
Decision
 		 Consent granted retrospectively
Section 13(1)(a) Overseas Investment Act 2005
Decision maker Overseas Investment Office
Decision date 31 August 2018
Investment

An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to an aggregate total of 51% of the ordinary shares in Fisher Funds Management Limited (Fisher Funds), the consideration of which exceeds $100m.

The transactions for which consent is granted are comprised of the following:

  • the acquisition of 34% of the ordinary shares in Fisher Funds (the First Investment); and
  • subsequent acquisitions that result in TA FF Holdco Limited holding up to an aggregate total of 51% of the ordinary shares in Fisher Funds (the Subsequent Investment).    
Consideration

$158,650,000
Applicant

TA FF HoldCo LimitedUnited States of America (69%)
United Kingdom (5.1%)
Kuwait (3.6%)
Germany (3.0%)
Various (19.3%)

Vendors

The vendor in relation to the First Investment is:
TSB Group Investments Limited
Various New Zealand Individuals, New Zealand (100.0%)
The vendor(s) in relation to the Subsequent Investment are likely to be Fisher Funds and/or its shareholders (TSB Group Investments Limited or TSB Group Capital Limited).

Background		 The Applicant is part of the TA Associates group.  TA Associates is a global growth private equity firm which invests in various sectors, including financial services.

The Applicant is acquiring shares in Fisher Funds.  Fisher Funds is a New Zealand funds management company and KiwiSaver Scheme provider.  The investment fits within the TA Associates group’s wider portfolio of global investments in the financial services sector.

The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment.

The consent for the First Investment is granted retrospectively pursuant to section 25(1)(f) of the Act.  The First Investment is comprised of related transactions described in Sale and Purchase Agreements the Applicant entered into on 3 August 2017 for 24.99% and 9.01% respectively (i.e. totalling 34%).  The Applicant already acquired the initial 24.99% of the shares in Fisher Funds on 25 August 2017.  The related aspect of the First Investment (i.e. acquisition of the additional 9.01% of shares) will occur following consent.    

More information		 Chris Bargery
Anderson Lloyd
PO Box 399
Shortland Street
Auckland 1140
Retrospective penalty $11,000.00

 

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