by Susan Edmunds
The 38% stake was sold for A$13.3 million to Merrick Capital, although PGC will retain a convertible note holding.
Van Eyk chief executive Mark Thomas said it would not make a difference to the operation of Van Eyk. “Our product and services offering will not change as a result of the sale, nor will our management or strategic direction. As a business, we continue to operate on the same basis as before.”
The sale came immediately after Van Eyk repaid a A$7.2 million loan to PGC unit Torchlight Fund LP2.
The convertible note, and A$2.4m cash, made up the A$8m paid to PGC for the sale to Van Eyk of Perpetual Asset Management and Perpetual Portfolio Management, a deal announced in March.
Thomas said his firm was excited to be able to offer its experience in research, asset allocation and asset management to Perpetual’s New Zealand clients and investors.
George Kerr, of PGC, said: "Van Eyk has around five times the funds under management of Perpetual, and the merged businesses will enjoy very large synergy benefits from quality, scale and eliminating duplication.”
PGC will now focus on Torchlight, which squeezes value out of distressed assets.
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