Van Eyk faces change
Leading ratings house van Eyk appears to be facing important change as a result of moves by its key New Zealand-based backer, George Kerr's Pyne Gould Corporation.
Pyne Gould kicked off the year announcing it had agreed to sell both its stake in van Eyk and its Perpetual wealth management business to van Eyk and then selling its van Eyk stake to the business associated with former Australian Wealth Management managing director Andrew Barnes, now based in London.
According to announcements in New Zealand, the changes will involve a two-step transaction, with Pyne Gould first selling Perpetual to van Eyk to create "a trans-Tasman wealth management business with more than $25 million in revenue".
Thereafter, Pyne Gould will sell its 38.2 percent stake in van Eyk to Barnes.
Kerr was last week reported as saying that the Perpetual wealth management business would "become part of a pure trans-Tasman wealth management business with a clear growth agenda and a highly experienced leadership team".
Kerr's Pyne Gould acquired its initial interest in van Eyk in 2010 as a result of the exit of the research house's founder, Stephen van Eyk.
van Eyk chief executive Mark Thomas confirmed the transaction but said that while Barnes would be acquiring the stake in van Eyk, the number of shares had yet to be determined.
Recommended for you
ASIC has launched court proceeding against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
