S&P to take on research houses
Global research group Standard & Poors is to take on Australia’s three research houses after finalising a deal with research group Investment Data Technologies (IDT).
Under the terms of the deal, IDT will supply Australian and New Zealand managed funds data into the S&P global fund database which covers funds in 52 countries.
S&P managed fund director David Collins says the group had a need for strong local data to include in the global system.
"We are still a niche player in the local market and want to expand here and collected data is the key to that. Our strategy is to grow as much as we can and bring in the full product range we have offshore," Collins says.
"We are looking at becoming a viable alternative in the long term to the other research houses which operate in Australia."
The information gathered from IDT will also be used in one of S&P's flagship software products, Fund Expert, which provides fund analysis to financial planners to be distributed by IDT from early next year.
IDT executive project co-ordinator Allison Burns says IDT will supply historical and unit price data as well as fund manager details with S&P to create the performance data.
"S&P are using IDT to break into the Australian and New Zealand market while we are using them to leverage our name and services," Burns says.
"IDT is taking on a product that is not in our suite, instead of lining up against S&P as a competitor. This is not a single deal and we are looking at other developments as part of an ongoing relationship."
The announcement of the deal comes after IDT stated over the weekend that it is planning to list in October of next year.
AUTHOR
Jason Spits
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