Investment research provider van Eyk has completed the purchase of Perpetual New Zealand Companies, including Perpetual Asset Management and Perpetual Portfolio Management.
Unrelated to the Australian company Perpetual Limited, Perpetual NZ Companies’ Perpetual Asset Management was established in 2010 as the funds management division of the group, and has approximtely NZ$380 million in funds under administration.
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Perpetual Portfolio Management is the personal wealth division of the Perpetual Group.
The acquisition will increase the van Eyk Group’s consolidated gross annual revenues by 50%, as per the ratings house. It will build upon the group’s experience in the New Zealand market.
Chief executive of van Eyk, Mark Thomas, said the purchase follows "other recent strategic initiatives by van Eyk, including the purchase of practice management consultancy The Encore Group and the launch of financial advice arm van Eyk Advice.
"van Eyk has been assisting New Zealand investors for some years and we look forward to working with the Perpetual businesses to grow the combined entity into a strong financial services group," Thomas said.
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