Rival researchers keen on Assirt

Rival researchers have expressed an interest in buying out Assirt Research, as its St George Bank owner refuses to pour cold water on speculation it has put the business up for sale.

Standard & Poors’(S&P), which has made no secret of its intention to build its retail investment research business in Australia, is being touted as Assirt’s most likely suitor, amid fresh reports St George had put the research house on the market.

When contacted by Money Management, S&P managing director Chris Dalton denied the group was considering a proposal to buy the business from St George, but said it would consider a proposal if one was made.

“We would look at any option to expand,” Dalton said.

Otto Buttula, the chief executive of IWL, which owns InvestorWeb Research, also expressed an interest.

“We would be interested at looking at them, but we haven’t been asked,” he said.

Meanwhile van Eyk Research managing director Stephen van Eyk, who has held talks with Assirt in the past, ruled out any interest in the group. Van Eyk confirmed his group had not been approached by St George about Assirt.

Morningstar chief executive Scott Cooley would not comment on the speculation about Assirt. However, it is believed the group has also not been approached by St George.

A spokesperson for St George refused to confirm or deny the sale speculation when contacted by Money Management.

St George acquired Assirt as part of its purchase of Sealcorp in 1997. However the bank subsequently sold the research business to Wealthpoint, a group it also took a stake in. Assirt was ultimately brought back into the St George network after the bank’s investment in Wealthpoint went sour.