S&P Capital IQ to scale down Australian presence
S&P Capital IQ, a division of Standard & Poor's that provides web-based analytics and information services, will no longer be conducting local funds research and local wealth management services in Australia as of 1 October this year.
The move will have no impact on other products or services offered by S&P Indices and Standard & Poor's Ratings Services in Australia, according to an S&P statement. "All three brands remain committed to this important market," the statement read.
"This decision is based on our desire to focus local product and service offerings around scalable business operations in all of our markets worldwide.
"Accordingly, S&P Capital IQ will concentrate local resources on serving Australian institutional clients with a suite of domestic and global multi-asset class data, research, and analytics, delivered through integrated desktop and enterprise solutions," S&P stated.
S&P said it decided to wind down the local funds research and wealth management services because they did not meet its scalability criteria.
S&P Capital IQ said it is working closely with clients and staff to ensure a smooth winding down of its local Australian funds research and wealth management operations.
Some S&P Capital IQ businesses will continue in Australia. The company said it would continue to grow its private wealth client base in Australia through products including the S&P Capital IQ desktop, SPSE/Valuations and equity research, and its Global Markets Intelligence offerings, which consist of Investment Advisory Services and Funds Management Research Europe.
S&P said its investment in Australia remains substantial, and the S&P Capital IQ, S&P Indices and Standard & Poor's Ratings Services businesses together employ upwards of 150 people.
AUTHOR
Chris Kennedy
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