The group was a strong supporter of agribusiness MISs in the past. At the time of Great Southern?s collapse, PIS was its second largest single investor.
The group commenced its annual conference in Honolulu, Hawaii, today. The sessions set aside for speakers from agribusiness MIS providers have been scrapped and sponsorship money returned. Some agribusiness company representatives have still attended the conference. The group?s statement comes in the lead up to the end of the financial year, traditionally a boom time for agribusiness investments.
In communicating the position to advisers last week, PIS general manager, product and alliances, Paul Forbes said the failures of Timbercorp and Great Southern, while more to do with the management of those companies rather than the sector, had nonetheless ?highlighted some structural weaknesses in the project design and certainly the protections in place for clients and their investments?.
In addition, the recent withdrawal of the traditional funders of these projects had created ?a very unstable environment for investors and increased uncertainty on future returns?.
Evans believes the agribusiness industry in the long term does deserve investor support, and that some products remain appropriate from both a portfolio diversification and tax planning perspective. Where advisers or accountants require agribusiness MISs as an investment strategy, they will need to refer the client directly to the company.
Yaes and one of those structural weakness's is how did ANZ get my trees put into Gunn's???
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