Tyndall on hold in wake of executive departures
Research group van Eyk has issued a hold recommendation on all Tyn-dall Investment Management products, following the departure of a number of key Tyndall executives.
Research group van Eyk has issued a hold recommendation on all Tyn-dall Investment Management products, following the departure of a number of key Tyndall executives.
Senior analyst Angela Ashton says the decision was prompted by the recent departure of Tyndall's head of company research Robert Os-bourne and head of financial markets research Phil Hofflin to Lazard Asset Management. Both Osbourne and Lazard have joined Lazard's in-vestment team for the launch of Australian equities products.
Their departures follow the takeover of Tyndall Australia by Royal & SunAlliance, and the ensuing departure of senior executives, includ-ing chief investment officer Doug Little and distribution boss Mark Young.
Ashton says van Eyk made the hold recommendation based on a number of observations, including the possibility of further defections to Laz-ards.
She also questions the investment arm's position in Tyndall's overall corporate strategy.
"Through our recent dealings with Tyndall, it has become evident that up until this point, management did not see their investment team as being a critical part of the organisation," Ashton says.
Tyndall investment manager Tim Phillips says he is disappointed by van Eyk's decision, but says the recent staff moves, coupled with the takeover point to extraordinary circumstances.
Phillips argues the hold move by van Eyk will give Tyndall the time to get things back on track.
Morningstar managing director Graham Rich says his group is confident Tyndall's performance will pick up with news the former head of Tyndall's New Zealand subsidiary Guardian Trust, Michael Good, is to take on the role chief executive of asset management at new parent Royal & SunAliance.
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