A key architect of the compulsory retirement savings system lauds its many achievements, stretching from the national economy to the individual. Where it’s double faulting is in serving members – and it needs to be addressed promptly.
With performance and diversification driving demand, these funds are expected to experience four-fold global growth over the next decade to nearly $AU65 trillion.
Euromoney likely to exit media and conferences
Euromoney, the London Stock Exchange-listed information company, which recently pulled out of its conference interests in Australia and New Zealand, has now decided to review the entirety of its asset management division, which includes the global publication Institutional Investor.
Euromoney, announced to the LSE last week, in a one-line statement, that it was reviewing its asset management business, the sub-text being that the business was likely to be put on the market. Apart from Institutional Investor, the division also includes BCA Research and Ned Davis Research. According to Morningstar, the division had revenue of GBP150.9 million (A$278 million) in the year to September 2018, and earnings of GBP61.1 million (A$112.6 million).
The company said the review was part of a strategy to move towards a “sole business-to-business information services company”. It follows the decision disclosed earlier this month to withdraw from the Australia and New Zealand market by allowing a management-led buyout of the Melbourne-based institutional investment conference company, CIE (Centre for Investor Education).
Under its new staff ownership, Gabriel Szondy, the chair, said this month that the CIE business would streamline its conference schedule to concentrate on the larger events, including its flagship annual international conference, taking place this year in Barcelona.
– G.B.
