Pyne Gould Corporation, the New Zealand-based asset management firm, has reached a decision on the sale of its Perpetual wealth management business and its stake in van Eyk Research.

In a filing with the New Zealand Exchange, PGC said that Perpetual Portfolio Management, Perpetual Asset Management and Perpetual Trust will be sold to van Eyk Research, an Australian financial research and management firm, to create a trans-Tasman wealth management operation with some A$25 million ($26.3 million) of revenue.

Meanwhile, its share in van Eyk will be divested to interests led by Andrew Barnes, a London-based wealth management investor, who is known for floating the Australian wealth management businesses of TOWER Limited on the Australian Stock Exchange. 

Pyne Gould has been trying to restructure its operations over the past months to focus on its core asset management business, Torchlight, and pay more attention to its assets in Australia and the UK. This latest sale will mark the end of the restructuring effort, said the firm.

"The deal is positive for all parties. The sale gives certainty and security to Perpetual, and links it to significant resources in Australia," noted George Kerr, managing director of PGC.

The deals are conditional on regulatory support, due diligence procedures and approval from the Pyne Gould board.