Staff unsure over Morningstar move
Employeesof Morningstar’s Brisbane office are yet to agree to move with the business when the database operations group is relocated to Sydney later this year.
Further, the manager of the Brisbane office, Stellios Pavlarkis, resigned two weeks ago, a position which he had held for the past two and a half years.
The revelations follow the announcement made by Morningstar Australia in April of its intentions to close the Brisbane office as part of its strategy to consolidate its business under one roof.
According to Morningstar’s data team manager and team leader for the group in Brisbane, Renee Tannous, none of the 10 database personnel in the Brisbane office have confirmed they are prepared to move to Sydney to keep their job.
Given this situation, Tannous says those not willing to move to Sydney will remain as backup staff in the Brisbane office until the office is closed in August.
As for Pavlarkis, Tannous says he was already planning to take holidays in June. Following the announcement that the business was moving to Sydney and his decision to not take this offer, she says it made no sense for Pavlarkis to return to the company after his holiday.
Morningstar’s corporate affairs manager Christine Winters says while the business is sad to see people go, Morningstar is a “happy family”, with the team in Brisbane a hard-working part of the company.
She says Morningstar does not have a culture of only one person being able to do the job, and that Tannous is experienced in all facets of Pavlarkis’s job.
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.
