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: 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:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. 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