The sale process was first announced in January 2013 by the vendor, Pyne Gould Corporation Limited.
 
van Eyk chief executive Mark Thomas said the Perpetual companies and van Eyk were a good strategic fit and would build upon van Eyk’s experience in the New Zealand market.
 
“We are very excited about the purchase of the Perpetual wealth management companies and the opportunities that this presents us in New Zealand,” Mr Thomas said. “van Eyk has been assisting New Zealand investors for some years and we look forward to working with the Perpetual businesses to grow the combined entity into a strong financial services group.”  
 
Perpetual Asset Management Limited, which has approximately $NZ380 million in funds under administration, was established in New Zealand in 2010 as the funds management division of the Perpetual Group. Perpetual Portfolio Management Limited is the personal wealth management division of Perpetual. These businesses will increase the van Eyk Group’s consolidated gross annual revenues by 50%.
 
Mr Thomas said the purchase follows other recent strategic initiatives by van Eyk, including the purchase of practice management consultancy The Encore Group and the launch of financial advice arm van Eyk Advice.
 
The details of the Perpetual transaction differ somewhat from those previously announced. It was initially proposed that van Eyk would also purchase trustee company Perpetual Trust Limited from Pyne Gould but this will no longer proceed.
 
The Perpetual companies are unrelated to the Australian company Perpetual Limited.

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