Sharechat Logo

Pyne Gould's Perpetual unit in talks to buy Aegis WRAP platform

Thursday 2nd September 2010

Text too small?

Pyne Gould Corp.'s Perpetual Group is in talks to acquire ASB Bank's Aegis WRAP platform. No price was given in their statement.

"Aegis is the leading WRAP platform in NZ 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.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Pyne Gould annual profit beats forecast by 48 percent on asset sales, Torchlight returns
Pyne Gould says FY profit to be about $30 mln after asset sales
Pyne Gould's Kerr finds buyer for Perpetual wealth management units
Pyne Gould plunges 19 percent to record low after annual meeting
Kerr too busy to attend Pyne Gould AGM, focuses on Perpetual sale
Pyne Gould mulls options after court decides FMA raid was unlawful
Pyne Gould completes Heartland exit in $7.9M sale
PGC repays $22M in bank debt from asset sales
Pyne Gould's Perpetual freezes mortgage fund due to run on cash
Appeal court lifts veil on FMA action to recover $25M in Pyne Gould related-party loans