Under the agreements, Perpetual will first be acquired by van Eyk to create a Trans Tasman wealth management business having revenue more than US$26 million.

PGC will then sell its share holding in van Eyk to interests led by London-based wealth management investor Andrew Barnes, who had previously floated the Australian wealth management businesses of TOWER Limited (Australian Wealth Management Limited) on the ASX.

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The financial terms of the deal have not been disclosed.

Commenting on the move, PGC managing director, George Kerr, said: "The deal is positive for all parties. The sale gives certainty and security to Perpetual, and links it to significant resources in Australia. As has been previously outlined, PGC’s focus is on Torchlight and its assets in Australia and the United Kingdom."

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