Pyne Gould Corporation - Our History
Throughout our history, Pyne Gould Corporation has continually evolved and adapted to the changing business environment while remaining true to our values of integrity, professionalism and quality.
Pyne Gould Corporation has a long and proud New Zealand history, stretching back to the 1850’s, starting with a stock and station business in Canterbury. That original business, through organic growth, acquisitions and mergers, continues to focus on the same founding areas and is today made up of:
Pyne Gould Corporation’s shares were originally held by the founding families. Over the years, shares have been offered to staff and acquired by clients and other investors, but descendents of the founding families and connections to the founding families continue to hold substantial shareholdings. In 2004 the shares were listed on the New Zealand Stock Exchange, under the ticker "PGC".
1850 to 1900
In the early 1850’s, a number of businesses were established in the Canterbury region to service the growing needs of the towns and surrounding rural areas. Among the services undertaken by these “stock and station” businesses was the provision of finance and acting as an agent for various transactions undertaken on behalf of their customers.
1900 to 1950
Three of the stock and station businesses came together in 1919 to form Pyne Gould Guinness (PGG). As a result of the merger PGG became a substantial farm financier, wool broker, agent and attorney for investors, and an agent and attorney for the London and Lancashire Insurance Company.
Acting as a financial agent for farm investors evolved to attorney ships and the administration of deceased estates. In 1934, a special private members bill was introduced to Parliament which allowed PGG to establish a Trust Department.
1950 to 1975
In 1957 the company issued 50,000 new £1 shares, the first and only cash issue since the company was formed.
The finance business increased in 1959 with the acquisition of Finance & Discounts (F&D), a lender to motor vehicle dealers and purchasers, established in Christchurch in 1936.
1975 to today
In 1987, following a corporate restructure, a new holding company was formed – Pyne Gould Corporation Ltd, with Pyne Gould Guinness becoming a wholly owned subsidiary.
Also in that year the Trust Department of PGG was split into a separate company – PGG Trust Ltd. Another private member’s bill was passed in 1989 which authorised PGG Trust to become a statutory trustee company. In 1996 Pyne Gould Corporation acquired AMP Perpetual Trustees which had been established in 1884 in Dunedin. In 1998 PGG Trust was amalgamated with AMP Perpetual Trust to form Perpetual Trust.
In 1988 Pyne Gould Corporation acquired a 40% shareholding in Reid Farmers; a Dunedin based rural servicing company. In 2001 Pyne Gould Corporation sold Pyne Gould Guinness to Reid Farmers, and the merged company traded as Pyne Gould Guinness. In 2005 Pyne Gould Corporation facilitated the merger of Pyne Gould Guinness with Wrightson to form PGG Wrightson. Pyne Gould Corporation maintained a large minority shareholding and still does today.
Allied Finance, an Auckland based company, was acquired in 1992. Allied had started operations on Auckland’s North Shore in 1952 as a vehicle rental firm, later expanding into the provision of motor vehicle lending. F&D was merged into Allied in 2000. In 2001 Pyne Gould Corporation acquired MARAC Finance, an Auckland based finance company, and Frontline Finance of Dunedin. In 2003 MARAC and Frontline were amalgamated into Allied, and Allied changed its name to MARAC.
In September 2008, Pyne Gould Corporation announced its plans to restructure its operations to become the only New Zealand-owned publicly listed bank. More information will be provided on this as progress is made.
In July 2009 a new group company, Perpetual Asset Management Limited, was formed. This company will both manage and own cornerstone shareholdings in major funds, initially focussed on infrastructure and real estate credit assets and, in time, other asset classes. The development of this major asset management arm for PGC will enable the group to offer a comprehensive suite of financial services to all clients and stakeholders across the PGC group.
In August 2009, Equity Partners Asset Management, a fund management company, was acquired.
About MARAC
MARAC’s strategic focus is on providing financial products in the following market segments:
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consumer lending – motor vehicle loans to mainstream New Zealanders together with a select range of insurance products. The consumer lending division also provides marine and leisure asset lending; and
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commercial lending – primarily the provision of plant and equipment and working capital loans to SMEs.
MARAC also has an extensive range of investment options to suit businesses and individuals.
For more information about MARAC, see www.marac.co.nz.
About Perpetual Trust
Perpetual Trust Ltd specialises in financial planning, managing investments, and providing professional trustee services to personal and corporate clients.
For more information about Perpetual Trust, see www.perpetual.co.nz.
About Perpetual Asset Management
Perpetual Asset Management Ltd is a New Zealand based asset management firm. This company will manage and own cornerstone shareholdings in major funds, initially focussed on infrastructure and real estate credit assets and, in time, other asset classes.
For more information about Perpetual Asset Management, see www.perpetualassetmanagement.co.nz.
About PGG Wrightson
PGG Wrightson is one of New Zealand’s largest nationwide providers to the agricultural sector and is listed on the NZX. PGG Wrightson's business is split into three areas: rural services, financial services and technology services.
- The rural services business is an extensive network of branches, representatives and rural supplies stores which provide marketing services to farmer clients for farm outputs (such as livestock, wool, grain, seed), as well as supplying farm operating inputs (such as seed, animal feed, irrigation equipment).
- The financial services business offers specialised real estate services, rural finance, insurance products, and funds management for the rural sector.
- The technology services business has operations in Australia and South America and specialises in seed and grain, nutrition, animal health, training and consultancy, again for the rural sector.
For more information about PGG Wrightson, see www.pggwrightson.co.nz.