Former BNZ private bankers set up wealth management boutique

Paua Wealth Management - founder and chief executive Donna Nicolof centre in yellow. Picture supplied

Former BNZ private bankers Donna Nicolof, Chris Glackin and Belina Teoh have formed a new boutique wealth management firm that promises to shake up the advisory market.

The new firm - Pāua Wealth Management - will not charge product commissions or referral fees and instead is adopting a fees-for service approach.

The partners said Pāua has created a business model that focuses on independence and advice that aims to remove potential conflicts of interest.

"We believe New Zealand investors deserve truly independent advice and the better outcomes this delivers," chief executive and founder Nicolof said.

"We only receive fees agreed to by clients, so they can be confident that we act only in their best interests," she said in a statement.

"We do not manufacture investment products, our advisers are not incentivised to sell particular products or trade on clients' portfolios, which can create conflicts of interest."

Nicolof said the firm had assembled some of the industry's most experienced wealth and investment professionals.

"Our team has significant international financial markets experience, bringing what we believe to be the best of local and global opportunities," she said.

"Together, we have built reputations based on integrity and success and have overseen over $50 billion in funds under management," Nicolof said.

Pāua Wealth provides wealth management services to wholesale investor clients including high net worth individuals, family offices, select not-for-profit foundations and trusts.

She said the firm would offer a specialised, tailored approach to financial and wealth management advice.

Pāua Wealth Management's investment decision-making receives formal oversight through an investment Committee, including former UBS, HSBC, Westpac and Macquarie operative George Boubouras and Quentin Stewart.

Membership of the firm's advisory board included Andy Morris, Catherine Savage and Rob Campbell.

Pāua intends to select investments that adhere to specific responsible investing criteria.

"As such, we require our investment managers to consider environmental, social and governance factors in their analysis and decision making," Nicolof said.