Morningstar slims down its NZ presence
The company confirms it is "making some changes to our business in New Zealand."
"We’re moving our New Zealand sales and client relationship management to Sydney, as well as our coverage of New Zealand stocks."
Stuart Auld, who has been the face of the company in New Zealand ends up with Morningstar next month.
Morningstar head of communications, Phillip Gray, says: :We're doing this because we've been assessing ways we can continue growing our business in New Zealand, achieve our goals as an Australasian business, and service our clients' needs most effectively."
He says Morningstar have "sustained our commitment to the New Zealand market over the past three years when other research providers have come and gone." In this time van Eyk. and Lonsec have left the market and FundSource have cut back its operations.
The changes have been made after a "review of our growth prospects and our existing and potential sales activity levels in New Zealand."
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