It takes a lot to move Outsider but with Money Management having been sold to FE (Financial Express), Outsider and his young journo colleagues have packed their meagre belongings and moved from Chatswood on Sydney’s lower north shore into Martin Place in the throbbing heart of the Sydney central business district.
And it was during the packing up process that Outsider found many reminders of Money Management’s past including letterhead from the old Investment and Financial Services Association, some long-discarded shares in a little insurer called HIH, an old golfing polo carrying the Tyndall Logo and a sailor hat with a Skandia badge.
However Outsider’s favourite by far was the voucher for a holiday at a tropical resort courtesy of MFS Investment Management – something won by Outsider in a golfing tournament but never redeemed because of the problems then encountered by MFS.
How interesting, then, that no sooner had Outsider found the long lost voucher than he noted an Australian Securities and Investments Commission announcement that the Queensland Supreme Court had disqualified the former officers and the funds manager of MFSIM from managing corporations for various periods, ranging from a permanent ban down to five years, and imposed total pecuniary penalties ranging from $90,000 to $650,000.