Standard & Poor's (S&P) would withdraw from the Australian funds research and wealth management market in October, its parent company said today.
S&P Capital IQ said in a statement, obtained by InvestorDaily, that the company would no longer conduct local funds research and local wealth management services in Australia, effective 1 October.
"This decision is based on our desire to focus local product and service offerings around scalable business operations in all of our markets worldwide," S&P Capital IQ said.
"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 Capital IQ was working closely with its clients and staff to ensure a smooth winding down of its local Australian funds research and wealth management operations over the next seven to eight months, it said.
"This action has no impact on other products or services offered by S&P Capital IQ or its sister brands, S&P Indices and Standard & Poor's Ratings Services. All three brands remain committed to this important market," it said.
