Perpetual discussing Aegis purchase

Pyne Gould Corp said its subsidiary Perpetual Group is in advanced exclusive talks with ASB Bank to buy fund management business Aegis.

PGC expects to say more about the potential acquisition by the end of this month. The exclusive talks are about remaining details.

"Aegis is the leading wrap platform in New Zealand with funds under administration of over $5 billion, 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," said PGC chief executive Jeff Greenslade.

Aegis is an electronic administration service designed to hold, trade and report on investments. It is only available to via New Zealand financial advisers.

PGC is trying to create a Heartland bank via the merger of its subsidiary Marac, CBS Canterbury and Southern Cross Building Society.

- NZPA