It is interesting to see the CEO's spin on today's profit results. If Kelaher spent as much time actually restructuring this business properly as looking out for the next acquisition then maybe this company will become a takeover target by one of the majors. If one delves deeply into this company then all is not as it seems. Look at any investment management tables and United funds are serial poor performers. Why? Also, what about the performance of subsidiaries like Australian Executor Trustees? Up until the merger between AUW and IFL this was a poorly managed company showing losses with massive outflows over a number of years. How do you loose money on a rising market when they invest in equities? As far as I can see the CEO of the trustee business is still there on an exorbitant salary as is the investment manager for United funds. Why? In last years accounts there was no reference to this AET subsidiary at all. Maybe the CEO was trying to hide how crappy this AET subsidiary is. If so sack the CEO of AET and appoint someone who will turn it around or sell it off. Why did GPG get out this company and go into MMC? Why did Julie Berry the Chair of the FPA relinquish her AFS with Bridges/IOOF? How about actually delivering for shareholders?
IFL Price at posting:
$6.38 Sentiment: Sell Disclosure: Held
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