New Zealand’s Rothbury Insurance Brokers has acquired a 19.5% stake in Lifetime Group, a financial advisory network handling insurance and other financial matters.

The founding Steadfast member in New Zealand has also purchased Lifetime’s general insurance broking and premium funding operations.

Rothbury’s life insurance and mortgage team of 22 staff will become part of Lifetime Group, which has advisers in 13 branches across the country.

Rothbury has not disclosed the value of the transactions, which were announced in December.