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Challenger funding platform, Flint Wealth, has reverted to a single shareholder with the exit of Harbour Asset Administration and Trustees Executors (TE) from the corporate’s register.
Harbour and TE each took a few third every of Flint (by way of holding entity, Formosa Wealth) late in 2019 with Australian agency, ResearchIP, proudly owning the rest.
Each Harbour and TE elevated their respective stakes to simply over 40 per cent apiece previous to possession reshuffle that leaves ResearchIP as sole shareholder of Flint.
Sterling Grace, final proprietor of TE, wrote down its greater than $4.1 million funding in Flint to zero in its newest annual accounts.
“In assessment of the capital funding within the three way partnership, performed efficient 30 September 2023 it was recognized that there have been indicators of impairment in relation to the monetary viability of the three way partnership,” the Sterling Grace report says. “Administration made the choice to impair the remaining worth of the funding held.”
Nevertheless, Darren Howlin, ResearchIP founder, mentioned each TE and Harbour would proceed to work with Flint as service supplier and funds administration shopper, respectively.
As reported final month, ResearchIP has launched into a capital-raising for Flint because the enterprise targets platform ‘white labelling’ for progress.
Howlin mentioned the group was near launching its first white-label enterprise with a NZ funds administration group.
Flint presently hosts 120 funds from 13 NZ fund managers on the core platform.
Howlin and ResearchIP managing accomplice, Oliver Trusler, would proceed to steer the Flint technique from Australia, Stuart Auld stays as head of distribution in NZ.
ResearchIP was in negotiations with a number of events trying to make investments, Howlin mentioned.
In keeping with a TE assertion, the Flint three way partnership had “created a bespoke digital funding platform enabling folks to buy investments throughout numerous asset lessons domestically and globally”. “We’re excited to announce that Analysis IP, the founders, will take the platform ahead into a brand new funding part and improvement,” the TE launch says.
Quickly to affix the brand new FirstCape three way partnership involving Jarden and BNZ investments, Harbour additionally welcomed the Flint restructure.
“Harbour Funds will proceed to be accessible to shoppers on Flint, and we look ahead to working intently with the Flint group on an ongoing foundation,” an announcement from the supervisor says.
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