DeAM sells Desk Caddie

Deutsche Asset Management (DeAM) has entered into an arrangement to sell its Desk Caddie subscription resource to Strategy Steps — an independent, specialist business providing financial planning strategies to advisers.

Strategy Steps director Louise Biti confirmed that a memorandum of understanding to enter into an arrangement for the sale had been signed with DeAM, and she was confident the sale would proceed.

The sale is expected to be finalised around February 28, 2010.

For many years, Desk Caddie has been an important resource of financial planners. It provides news, reference information, legislative commentary, case studies and a comprehensive database of personal financial planning strategies and related technical information.

DeAM chief executive officer Stephen O’Brien said: “We are confident that Strategy Steps is an ideal suitor for the Desk Caddie business, having a pedigree of delivering a broad range of high quality technical solutions to the financial services and accounting market.”

Until finalisation of the sale, Desk Caddie will maintain its services to clients through Ironbark Asset Management.

Peter Haggstrom, who previously headed Desk Caddie in his capacity as head of technical services at Ironbark Asset Management (and before that at DeAM) has since left the organisation to start up his own business, Independent Strategies.

In his new business, Haggstrom, along with partner Bill Raffle, will provide advisers with strategies for taxation and superannuation planning.