In a statement obtained by InvestorDaily, S&P Capital IQ said that the decision to exit from local funds research and local wealth management services in Australia is due to a strategic review that that identified the two divisions as failing to meet its scalability criteria.
S&P Capital IQ said that the move would enable them to focus local product and service offerings around scalable business operations in all of our markets worldwide.
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The company also said that they are 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.
"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.
S&P added that the decision to close down the business would not affect other products and services offered by S&P Capital IQ, S&P Indicies and Standard & Poor’s Rating Services.
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