Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Pyne Gould's Kerr finds buyer for Perpetual wealth units

Pyne Gould's Kerr finds buyer for Perpetual wealth management units

By Paul McBeth

Jan. 3 (BusinessDesk) - Pyne Gould Corp managing director George Kerr has found a buyer for its Perpetual wealth management businesses and will throw in the firm's stake in Australian research and management firm van Eyk Research.

Under the terms of the deal, van Eyk will acquire Perpetual Portfolio Management, Perpetual Asset Management and Perpetual Trust to create a wealth manager with A$25 million-plus in revenue, and Pyne Gould will then sell its 38.2 percent stake in van Eyk to interests led by London-based wealth management investor Andrew Barnes, the company said in a statement.

Barnes was previously managing director of Australian Wealth Management, which was floated on the ASX.

"Perpetual will become part of a pure trans-Tasman wealth management business with a clear growth agenda and a highly experienced leadership team," Kerr said. "PGC will now focus on its core investment and asset management business, which is Torchlight."

Van Eyk manages funds of $1.2 billion and provides research and data tom some 8,000 financial planners, according to Pyne Gould's annual report. Pyne Gould bought the van Eyk stake in 2010 for A$1.6 million, and has provided it three loans since the acquisition, the latest being an A$7.2 million advance on July 25.

The divestments are conditional on regulatory approval, Barnes completing due diligence of van Eyk and Pyne Gould board approval.

Shares in Pyne Gould last traded at 26 cents, a 30 percent discount to the 37 cents a share price Kerr paid to take control via his Australasian Equity Partners No 1 LP vehicle.

Pyne Gould has previously signalled it plans to quit the local bourse and shift its domicile to either Australia or London once it completed the Perpetual sale.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news