Timbercorp focuses on agribusiness
Managed investment scheme (MIS) specialist Timbercorp has decided to substantially move away from the investment management business to wholly concentrate on agribusiness.
The company announced the strategy to the Australian Securities Exchange today, saying it had followed a strategic review.
“Over the past three months, Timbercorp has been undertaking a strategic review of the company to identify a structure and strategy that will underpin future growth and outlook,” it said. “This review is well advanced and a number of key strategic decisions have been taken.
“The board believes the best course of action for the future is to transform the business away from its focus on investment management into a fully integrated agribusiness company,” the announcement said.
“As a result, Timbercorp will not be offering any new agribusiness MISs in the coming year.”
It said while the decision to stand out of the MIS market would negatively impact earnings in the short term, it would benefit the company by reducing costs and simplifying its business structure, allowing it to focus on selling assets and retiring debt.
Recommended for you
An advice AFSL has seen its licence cancelled by ASIC this month for failing to pay an AFCA determination, which was then covered by the CSLR.
The FAAA’s Phil Anderson believes the problem with Dixon Advisory is “much bigger than an advice issue” and the levy to pay for it should be expanded beyond the financial advice sector.
ASIC commissioner Alan Kirkland says the problems regarding advisers recommending clients to invest in the troubled Shield Master Fund are far from being an “isolated incident”.
Advice professionals are being encouraged to proactively engage with their staff on mental wellbeing, with a new report finding a surge in employee exhaustion and stress over the past year.