van Eyk and Mercer deal called off
The deal betweenvan Eyk ResearchandWilliam M Merceris off.
Earlier today, van Eyk Research managing director Stephen van Eyk confirmed that the deal, which would see van Eyk Research sold off to Mercer, had been called off.
“It just wasn’t in the interest for either party,” van Eyk says.
“I decided yesterday that this [deal] isn’t really going to come to a resolution.”
Van Eyk, who in this week’s edition of Money Management revealed the sale had been stalled for some weeks, dismissed ideas that the deal’s collapse was a result of the two groups falling out, saying both parties reached an amicable end to discussions.
As for any future sales of the research group, van Eyk says nothing is on the cards, stating it was Mercer who approached him with the deal in the first place.
“We were never looking to sell,” he says.
“It was a surprise to me, but we thought they were a quality company. Now we will get on with business” he says.
Commenting on the collapse of discussions, executive director of Mercer Investment Consulting, Tony Cole says he had hoped to join forces with van Eyk Research, but confirmed that neither group could reach an agreement on several key terms.
“We had been talking to them for some time, but we couldn’t reach a mutual compromise,” Cole says.
“We still think highly of them. They are formidable competitors and we are very impressed with some of their people,” he says.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
