IDT gets ready to float
Queensland based software and research group Investment Data Technologies (IDT) will proceed with a public listing late next year according to managing director Danny Rodgers.
Speaking at the group's annual conference, Rodgers says the decision to float follows more than 12 months of discussions.
IDT client services executive Newman Borg says a formal decision had now been reached with the expected timing of October 2001.
Borg says a workgroup is in place and new staff additions have been made in line with recruiting expertise for the float. The group will also looking to appoint auditors and lawyers as part of the process of moving to a listing.
Advisers who use IDT software and IDT clients would be invited to participate in the listing with capital raised used for further software development and expansion of the business in Australia and offshore markets.
Rodgers says the group has spent $2 million on the development of research software for the UK market and would release that through a strategic alliance.
"The financial services industry in the UK is akin to the Australian industry in the 1980s and there is a big push away from tied agents and products," Rodgers says.
"There is large amounts of money in the pensions market over there which are looking to move to a better system and we hope to be part of that change."
Rodgers also announced that IDT was in the process of formalising a number of data exchange deals with InvestorCities, Ausmaq and Sanford Securities as well as Standard & Poors.
AUTHOR
Jason Spits
Recommended for you
Vanguard has launched a suite of five model portfolios in partnership with Lonsec Investment Solutions to offer active-passive solutions for financial advisers.
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
