Head announced for Perpetual Asset Management
Pyne Gould has named former Macquarie Group executive John Duncan as head of its newly created asset management arm, Perpetual Asset Management.
Tuesday, August 11th 2009, 11:13AM
Duncan was an executive director at Macquarie Group and helped establish the firm's presence in New Zealand and into Asia.
He will start in the role immediately, under the guidance of a board chaired by George Kerr and including Bryan Mogridge, Bruce Irvine and Pyne Gould chief executive Jeff Greenslade.
The finance group plans to become a bank and it is creating an enlarged funds management unit after agreeing to buy Equity Partners Asset Management, an asset manager controlled by Pyne director George Kerr, for $18 million.
As part of the group's rearrangements, the parent will acquire $160 million of impaired or likely to be impaired loans from its MARAC unit. The loans will subsequently be acquired by a new unit, Torchlight Credit Fund, part of Perpetual.
Perpetual Asset Management will have the management contract for all of Pyne Gould's funds, including Torchlight, which will specialise in commercial and residential real estate asset backed credit and may become the largest fund of its type in New Zealand, the company has said.
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