Most of Perpetual sold
The future of advisory firm Perpetual Trust is uncertain following an announcement from its owner Pyne Gould late on Friday.
Monday, March 25th 2013, 6:53AM
At Christmas, Pyne Gould, which is controlled by George Kerr announced a plan to sell three assets, Perpetual Trust, Perpetual Asset Management and Perpetual Portfolio Management to Australian research house van Eyk.
PGC has a 34% stake in van Eyk, and once the first step in the transaction was completed it planned to sell its interests to a group led by London-based wealth management investor Andrew Barnes.
Barnes had previously floated Australian Wealth Management which later became TOWER.
Late on Friday Pyne Gould told the stock exchange the “first stage of Perpetual sale (had been) completed.”
However, it said the “terms of the sale differ from that announced previously.”
PGC has reached an agreement and settled the sale of Perpetual Asset Management and Perpetual Portfolio Management to van Eyk.
Perpetual Trust was not included in this transaction.
Back in December PGC said the transactions are conditional on regulatory support, the purchaser completing its due diligence investigation of van Eyk, and the PGC Board approving the transaction.
Full details of the transaction, it said, would be released following completion of due diligence and Board approval,
Those details have not yet been released.
Following the transaction last week PGC managing director George Kerr said the sale to van Eyk provides “an ideal fit for Perpetual's asset management and advisory businesses.“
van Eyk Chief Executive, Mark Thomas, said the deal presents the company with opportunities in New Zealand.
“van Eyk has been assisting asset managers and investors in New Zealand for the past four years and we look forward to working with the Perpetual team to grow the combined entity into a substantial trans-Tasman financial services group."
Details of price and terms of sale will be provided once all PGC’s divestments are completed, PGC told the exchange.
PGC's focus is now on its subsidiary, Torchlight Group,and its assets in Australia and the United Kingdom.
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