PGC Eyes Aegis

Pyne Gould Corporation’s wholly owned subsidiary Perpetual Group Ltd is in advanced exclusive discussions with ASB Bank in relation to the possible acquisition by Perpetual of Aegis from the trading bank.

From the tone of today’s announcement it would be a friendly acquisition, ASB having been on the lookout for a possible buyer of the managed fund  platform.

PGC CEO, Jeff Greenslade, said "Aegis is the leading WRAP platform in NZ with  Funds under Administration of over $5bn, 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".  

Perpetual is now entering into exclusive discussions with ASB to work through the remaining details and determine whether an acquisition of the Aegis business can be finalised. As part of this process Aegis staff and customers will be updated on Perpetual's future plans for the business.  

ASB General Manager Investments, Laurie Mellsop says, "Earlier this year we advised both Aegis staff and customers that we would be exploring future ownership options for the Aegis business, including a possible sale.

“This process has culminated in the announcement being made today. We are keen to ensure that Aegis' established position as a leading independent WRAP platform will be preserved and we believe that Perpetual's future business plans achieve this purpose for both customers and staff. "  

PGC expects to provide an update on the status of the possible acquisition of Aegis by the end of September. 

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