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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news