Tuesday 18th September 2012
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PwC, one of the big four global accounting firms, has bought local advisory firm Asia-Pacific Risk Management for an undisclosed sum and will appoint the directors as partners next month.
APRM's 115 clients include Sky Network Television, Tainui Group Holdings, Todd Energy, Weta, Heartland Building Society and 34 local government bodies. No price was given on the deal.
PwC will keep APRM's nine-strong team of advisers and analysts and use the company to provide treasury advice. APRM directors Roger Kerr, Stuart Henderson and Brett Johanson will become partners in the accounting firm on Oct. 1.
"To transfer our intellectual property and grow our business from the New Zealand testing-bed to companies in Australia and Asia, we concluded we needed a major advisory name behind us to open the doors," Kerr said in a statement. "PwC's current New Zealand financial risk/treasury management advisory services rather nicely complement our own."
Kerr and Henderson bought APRM from Deutsche Bank in 2001, with Johanson joining as an owner/director three years later. Deutsche had previously wooed Kerr to join its risk management team in 1998 after he had helped establish merchant bank Bancorp's Treasury Advisory Services in 1987.
The firm develops policies and methods for managing currency, interest rate, and commodity price risks, and debt and funding risks for large borrowers.
PwC New Zealand chief executive Bruce Hassall said the accounting firm's acquisition seeks to cement its position as the country's biggest provider of risk management advice.
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