John Duncan has been appointed by Pyne Gould Corporation (PGC) as the chief executive of its new asset management company, Perpetual Asset Management. The group sees the asset management business as a major strategic initiative, says PGC chairman Sam Maling.

Before his appointment as the chief executive, Mr. Duncan worked at international banking, financial advisory and investment services provider, Macquarie Group.

Mr. Duncan worked across an array of sectors, including infrastructure, real estate, insurance and funds management, during his tenure with Macquarie. He played a very supportive role in establishing Macquarie's presence in the country and its move into Asia.

Furthermore, he has also worked in Wellington and Auckland, advising state-owned enterprises and local authorities on their infrastructure assets.

As far as the international experience of Mr. Duncan is concerned, he worked in investment banking in Europe and Asia for 13 years, where he advised funds and corporates on investments, divestments and capital raising.

An excited Mr. Duncan, who is starting immediately, said that he was glad to take over the role of chief executive in developing Perpetual Asset Management into a major New Zealand-owned asset management company.

PGC said: "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."