Pyne Gould Corp said its subsidiary Perpetual Group is in
advanced exclusive talks with ASB Bank Ltd to buy fund
management business Aegis.
PGC expects to say more about the potential acquisition by
the end of this month. The exclusive talks are about
remaining details.
"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.
"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," said PGC chief executive Jeff Greenslade.
Aegis is an electronic administration service designed to
hold, trade and report on investments. It is only available
to via New Zealand financial advisers.
PGC is trying to create a Heartland bank via the merger of
its subsidiary Marac, CBS Canterbury and Southern Cross
Building Society.
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