Dorchester buys NI advisory business

By Phil Boeyen, ShareChat Business News Editor

Monday 29th October 2001

Financial services company Dorchester Pacific (NZSE: DPC) is continuing on the acquisitions trail, this time buying a North Island advisory firm.

The business, known as Harts Portfolio Management, has offices in Auckland Tauranga, Taupo, Napier, and Wellington and was formerly Reeves Moses Financial Advisory.

Dorchester Pacific MD, Brent King, says the acquisition is complementary to the company's investments in Equity Investment Advisers & Sharebrokers, New Zealand Investor Monthly and its broking arm Direct Broking.

"This opportunity will allow us to further develop our investment advisory business.

New Zealanders are seeking advice from financial advisors owned and operated by New Zealanders who are independent from the major fund managers.

Mr King says the company is continuing to develop its financial services products and has been receiving significant inquiries from people seeking independent advice, especially given the uncertain economic outlook.

"The events in New York and Washington have had a significant effect on investor thinking."

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