Jarden votes through FirstCape, frees up cash for investment bank

Jarden Group’s shareholders overwhelmingly voted in favour of selling its New Zealand-based wealth and asset management business, providing much-needed capital into the business, and a greater share of cash for its Australian investment bank.

Almost all the firm’s shareholders green-lit the transaction, which combines Jarden Wealth and its Harbour Asset Management arm, with NAB’s JBWere NZ and BNZ Investment Services units in a new entity called FirstCape.