PwC buys Asia-Pacific Risk Management for undisclosed sum
BUSINESSDESK: PwC, one of the big four global accounting firms, has bought local advisory firm Asia-Pacific Risk Management for an undisclosed sum and will appoint the directors as partners next month.
APRM's 115 clients include Sky Network Television, Tainui Group Holdings, Todd Energy, Weta, Heartland Building Society and 34 local government bodies. No price was given on the deal.
PwC will keep APRM's nine-strong team of advisers and analysts and use the company to provide treasury advice. APRM directors Roger Kerr, Stuart Henderson and Brett Johanson will become partners in the accounting firm on October 1.
"To transfer our intellectual property and grow our business from the New Zealand testing-bed to companies in Australia and Asia, we concluded we needed a major advisory name behind us to open the doors," Mr Kerr says.
"PwC's current New Zealand financial risk/treasury management advisory services rather nicely complement our own."
Mr Kerr and Mr Henderson bought APRM from Deutsche Bank in 2001, with Mr Johanson joining as an owner/director three years later.
Deutsche had previously wooed Mr Kerr to join its risk management team in 1998 after he had helped establish merchant bank Bancorp's Treasury Advisory Services in 1987.
The firm develops policies and methods for managing currency, interest rate, and commodity price risks, and debt and funding risks for large borrowers.
PwC New Zealand chief executive Bruce Hassall says the accounting firm's acquisition seeks to cement its position as the country's biggest provider of risk management advice.