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

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news