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

 


Pyne Gould offloads bulk of Perpetual business to van Eyk

Pyne Gould offloads bulk of Perpetual business to van Eyk Research

By Paul McBeth

March 22 (BusinessDesk) - Pyne Gould Corp, the South Island asset management firm controlled by George Kerr, has sold the bulk of its Perpetual businesses to Australian research and management group van Eyk Research.

The Christchurch-based group has sold Perpetual Asset Management and Perpetual Portfolio Management, though hasn't included Perpetual Trust as previously indicated. The sale was flagged in January, and would see Pyne Gould merge the Perpetual units into van Eyk and then sell its 38.2 percent stake in van Eyk to interests led by London-based wealth management investor Andrew Barnes.

A further announcement relating to the sale of Perpetual Trust is expected to be made by the end of the month.

"The sale to van Eyk provides an ideal fit for Perpetual's asset management and advisory businesses," Kerr said in a statement. "These Perpetual companies will be in sound, experienced hands."

Van Eyk manages funds of $1.2 billion and provides research and data to 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.

Pyne Gould plans to focus on its Torchlight group, which has specialised in squeezing value from distressed assets, and its assets in Australia and the UK, it said.

The shares were unchanged at 25 cents today, and have slipped 3.9 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news