Pyne Gould's Perpetual unit in talks to buy Aegis WRAP platform
Pyne Gould Corporation's (PGC) Perpetual Group is in talks to acquire ASB Bank's Aegis WRAP platform. No price was given in their statement.
Friday, September 3rd 2010, 3:26PM
by BusinessDesk
"Aegis is the leading WRAP platform in New Zealand with Funds under Administration of over $5 billion, an extensive client base and a strong financial track record," said PGC's chief executive Jeff Greenslade.
"For Perpetual, a customer of Aegis since 2003, the opportunity to develop the Aegis business further from this sound position would support our long term wealth management strategy," he said.
PGC will give an update on negotiations by the end of September. Its shares were unchanged at 42 cents and have dropped 10% this year.
ASB general manager investments, Laurie Mellsop, said Aegis staff and customers were advised earlier this year that the lender was looking at options including a sale.
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