Australia’s largest financial advisory group, Professional Investment Services (PIS), is increasing its offshore presence in a merger of its NZ advisory firm with life insurance-based business Newpark Financial Services.

The merger will create NZ’s largest financial advisory group, comprising more than 250 advisers and 130 accounting firms.

PIS NZ GM David Keys will remain GM of the merged entity, while Newpark CEO Darren Gannon will become head of life risk business.

The company announced on October 1 it was on the hunt for opportunities to further expand its international operations. It confirmed the Newpark deal last week.

PIS Australia MD Grahame Evans told insuranceNEWS.com.au Newpark is a “strong strategic and cultural fit”, and he expects further growth in NZ despite the economy moving into recession.  

“This is predominantly a life risk business and sales are actually going up, not down at this stage,” he said.