The acquisition will enhance the New Zealand investment house's South Island footprint.

First NZ Capital has agreed to buy the wealth management arm of New Zealand-based Murray & Co.

The deal, details of which were not disclosed, comes as Christchurch-based Murray & Co seeks to grow its investment banking activities throughout New Zealand. 

Humphry Rolleston, Rob Campbell and Bill Trotter will retire as directors, Murray & Co said in a statement. Their replacements were not announced.

Meanwhile, managing director Justin Murray’s family interests will buy the Murray & Co shareholdings previously owned by FNZC and interests associated with Rolleston and Campbell.

“This acquisition, which will expand our South Island footprint, is an important component of our wealth business growth strategy. Having additional offices based in both Christchurch and Queenstown provides a natural complement to our Nelson presence,” said chief executive of FNZC, Scott St John, in a separate statement. 

“FNZC will continue to seek opportunities to expand and grow the wealth business. Our ongoing investment in technology, research and client reporting will ensure we provide a world class offering as we strive to provide superior investment outcomes for our clients.”

FNZC, which was formed in 2002 through an employee buyout of Credit Suisse's New Zealand operations, has offices in Auckland, Wellington, Nelson and Havelock North.