Macquarie Group Ltd.'s private wealth business in New Zealand changed its name in late October 2016 to Hobson Wealth Partners, the New Zealand-based website Stuff reported Nov. 29. The rebranding comes after Macquarie New Zealand Private Wealth sold a stake in the business to employees in a deal announced in May 2016.

Macquarie retained a minority stake in Hobson Wealth Partners, which has around 50 employees in Auckland, Wellington and Christchurch, and has appointed Matin Wright as a director on the board, Warren Couillault, Hobson's executive director, reportedly told the news source.

According to Hobson Wealth Management's website, it has access to Macquarie’s deal flow and has a contract enabling it to buy and be supplied with Macquarie research and associated services. The company site did not disclose the size of the stake that Macquarie now holds.

Macquarie operates, as previously, corporate finance, investment banking and institutional securities businesses in New Zealand.