Glebe Asset Management

45. Mr David Sheldon asked –

Can the President please advise Synod whether Glebe Asset Management has been sold, whether there is an intention to sell Glebe Asset Management, or whether there are any discussions underway about the sale of Glebe Asset Management? And if so, why?

To which the President replied -

I am advised that the answers are as follows -

Glebe Asset Management has not been sold.

PricewaterhouseCoopers Securities have been retained to manage the sale of GAM and discussions with selected potential purchasers are in the very preliminary stages.

The reasons for the sale of GAM were listed in response to a question asked on Tuesday 11 October 2005 and were:

External Influences are:

• Consolidation of the funds management industry.
• Movement in the value chain away from investment management.
• Growth in specialist investment managers at the expense of institutional managers.
• The capacity of external providers to offer improved analytical and reporting services.

Internal considerations included:

• Reputation and litigation risks.
• Unnecessary compliance.
• The potential for distraction from the Board’s response to mission.