Rich’s deputy departs Morningstar
Morningstar Australia’s head of publishing, Deirdre Keown has been made redundant as the fall out from the Graham Rich/ Morningstar Inc split continues.
Morningstar Inc’s head of the international division and current joint managing director of the Australian business, Bevin Desmond says the redundancy was made last week as part of its ongoing evaluation of the company, which revealed that such a specific role was no longer needed.
While she did not rule out hiring more people in the future, at the moment, she says they had the right people to get the job done.
“It makes sense to empower other people,” Desmond says.
Desmond says no other redundancies have been made within the company, and there are no plans for redundancies in the future.
The announcement follows a flood of communication material in the past week from Morningstar Australia’s head of research, Daisy Chee on the rating status of companies such as ING, BT’s Funds Management and Macquarie.
Desmond says it makes sense for Chee to send out such information as she is in charge of research.
In further developments, Morningstar Inc has in its second hearing in the Supreme Court submitted affidavits to the court outlining its commitment to fund Morningstar Australia for a further 6 months.
“In court we publicly announced we are willing to support the company [Morningstar Australia] in the short-term,” Desmond says.
She says Morningstar Inc will be reviewing the refinancing program all through this period and remains committed to the future of the company.
Desmond also says she is determined to remain in Australia while they look for a permanent managing director, however says she hopes to be at home in Chicago at Christmas.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
