The Intech purchase by Morningstar Australasia will finally create certainty for clients, Intech chief executive John Gethin-Jones said.
Yesterday, Morningstar announced it would acquire multi-manager and investment consulting firm Intech from IOOF.
Prior to the deal Intech had a number of ownership changes. The firm was purchased in October 2006 by Skandia and Skandia was subsequently purchased by IOOF in March this year.
"The global resources that Morningstar brings to Intech will be of benefit to our clients as well as finally add certainty to our business," Gethin-Jones said.
Morningstar's fund-of-fund research in Europe and the US will support Intech's clients as well as provide the firm with the opportunity to "dovetail" its research, Gethin-Jones said.
He said that culturally Morningstar and Intech are a good fit.
"Morningstar like Intech has a passion for investing and innovation," he said.
Intech has about 35 staff. Gethin-Jones will continue as chief executive until the acquisition is complete. At that time, Morningstar head of research Anthony Serhan will oversee the business.
Gethin-Jones said he has no definite plans for what he will do once he leaves Intech, but for now remains focused on his job as chief executive.
"I might take a holiday but I am sure I will eventually pop up somewhere," he said.
