News Round Up

Pyne Gould Corporation’s new asset management company, Perpetual Asset Management, has completed its purchase of Equity Partners Asset Management (EPAM) for $18 million.

PGC chairman Sam Maling says that the purchase is an important strategic initiative, and will move PGC a step closer to achieving its goal of becoming New Zealand’s only publicly listed banking and asset management company.

“The purchase of this established New Zealand based asset management business gives Perpetual Asset Management the basis from which to build a substantial business that will be able to offer services and products to the many customers of the PGC group.

EPAM, through the deal, will have the EPIC Fund, which focuses on infrastructure. EPIC has approximately $150 million of assets under management. Another key consideration behind the purchase was that it delivers us the expertise to manage the Torchlight Credit Fund.