Murray & Co, a New Zealand-based boutique merchant bank, has sold its wealth management business to First NZ Capital to concentrate on its investment banking operations.

Murray & Co, which started as an investment banker 12 years ago, added wealth management vertical when First NZ Capital acquired stake in the company four years after it was launched.

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"The move allows us to enter a new era, focusing on our core business of investment banking, where we continue to grow throughout New Zealand advising on mergers, acquisitions, divestments, capital raising and financing transactions," Murray & Co said in a statement.

"We are proud of the wealth management business we have built but investment banking continues to be our primary activity," the statement added.

Financial terms of the deal were not disclosed.

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