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John Duncan To Head New PGC Co Perpetual Asset Management

Fuseworks Media
Fuseworks Media

Wellington, Aug 11 NZPA - Pyne Gould Corporation (PGC) has appointed John Duncan as chief executive of its new asset management company, Perpetual Asset Management.

Mr Duncan's appointment followed a long career at international banking, financial advisory and investment services provider Macquarie Group, PGC said today.

During his time with Macquarie, Mr Duncan worked across a range of sectors including infrastructure, real estate, insurance and funds management. He also helped establish Macquarie's presence in this country and its move into Asia.

PGC chairman Sam Maling said the asset management business was a major strategic initiative for the group.

The international experience Mr Duncan brought to the new job included 13 years working in investment banking in Europe and Asia, where he advised funds and corporates on investments, divestments and capital raising.

Mr Duncan had also worked in Wellington and Auckland, advising state-owned enterprises and local authorities on their infrastructure assets.

Mr Duncan, who was starting immediately, said he was looking forward to playing his part in developing Perpetual Asset Management into a major New Zealand-owned asset management company.

Perpetual Asset Management was established to manage and own cornerstone shareholdings in major funds, initially focused on infrastructure and real estate credit assets and, in time, on other asset classes including agri-business, PGC said.

PGC expected to be in a position to provide a full update in mid September on its strategic initiatives.

PGC shares were up 5c to $1.39 after about an hour of trading.

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