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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, a former senior Macquarie Group executive, as chief executive of its new asset management company, Perpetual Asset Management.

PGC said it wanted to develop Perpetual Asset Management into a major New Zealand owned asset management company.

"It is certainly a business I would like to see grow and become a major contributor to the broader PGC group," Mr Duncan said. He said PGC companies offered a significant client base.

PGC owns Marac, the finance company it wants to turn into a bank, and trustee company Perpetual Trust.

"I would hope in terms of clients that we do as much as we can with the existing PGC broader group customer base. That is one of the key things for me," Mr Duncan said.

Mr Duncan has had a long career at international banking, financial advisory and investment services.

He spent 15 years at Macquarie and finished up a few months ago.

Mr Duncan worked across a range of sectors including infrastructure, real estate, insurance and funds management. He helped establish Macquarie's presence in New Zealand and its move into Asia.

Perpetual Asset Management has two founding funds, EPIC Fund, which invests in infrastructure, and Torchlight Credit Fund, a real estate asset backed credit fund.

Torchlight starts with the real estate assets taken out of Marac.

Equity Partners Asset Management, which PGC purchased from a company controlled by its director George Kerr, is becoming part of Perpetual Asset Management.

EPAM managed Equity Partners No 1 Ltd, or EPIC, which has investments in infrastructure businesses, including Thames Water.

PGC said last month it is taking a one-off charge expected to be about $60 million to $65 million for impairment of Marac's property loans when it reports its annual profit later this month.

PGC also owns 22 percent of rural services company PGG Wrightson.

Business commentator Brian Gaynor has been critical of the number of related party and inter group transactions within PGC group.

The company's history stretches back to the 1850s in Canterbury.

Mr Kerr is associated with Pyne Family Holdings, PGC's largest shareholder. He is a former chairman of Brook Asset Management and is a descendant of the Pyne family.

PGC shares were up 3c at $1.37 in afternoon trading.

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