Bugger. Looks like things are going to get worse before they get better. In response to market rumours that Peter Constable and others on the MMC team are leaving the company, MMC's response is basically a "no comment". I'd imagine winding up the group will be a nightmare given their position with CGAM.
MMC Asset Management undertakes review Group denies crisis claims
By Kate Kachor Wed 28 May 2008 MMC Asset Management has denied the company is in crisis despite rumours of staff departures.
The chief of MMC Asset Management has hit out at claims that the group is in crisis following a number of rumoured senior staff departures.
MMC chief executive Alex Hutchinson confirmed to InvestorDaily the company was undertaking a review of its business operations, though denied the group was in crisis.
"No, no I wouldn't [say that] not at all," Hutchinson said.
When asked if there was any truth to reports MMC Asset Management chief investment officer Peter Constable was among those rumoured to be leaving the group, Hutchinson gave no comment.
Other senior staffers rumoured to have left the boutique fund manager are Stephen Atkinson, Charles Dalziell and Brendan Burgess.
"We are going through a change of process; there is a review under way. And I'm not really prepared to comment on it further than that." Hutchinson said.
Prior to MMC, Hutchinson held the management chief executive position for Australian Wealth Management and its financial planning subsidiary, Bridges Financial Services.
Global economic volatility led to a combined after-tax performance loss of $2.6 million for the six months to December 31, 2007 for MMC, which still managed to maintain its interim dividend at four cents a share.
The company's portfolio returned -1.60 per cent during the December quarter versus -1.73 per cent for the All Ordinaries Accumulation Index.
MMC Contrarian, the listed parent company of MMC Asset Management, acquired the asset management arm in February 2007.
MMA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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