What is clear is that, as Morningstar UK's director of manager research Jonathan Miller says, the company is now under new management.
"The joint chief executive structure, involving the heads of the original two firms, came to an end in 2020. Stephen Bird [joined] from Citigroup where he was most recently chief executive of global consumer banking. A fresh pair of eyes here will likely be of benefit."
For all the company's ambitions in the advice and platform space, there is still the matter of how to improve its asset management arm - which accounts for the bulk of the businesses' assets and profits. Miller says: "Now that investment processes have been integrated, duplication removed, and decision-making in investment teams tweaked, the burden of bringing these aspects together has now passed.
On more recent changes within the funds business, he says: "Much thought has gone into refining the analysts' research template, how their ideas are brought forward, and accountability. Early signs are this has been rewarding based on their buy and sell decisions. Meanwhile, the bonus structure is based on a mix of one and three-year performance. Retaining talent, embedding a culture, and delivering on performance are key milestones from here.”
Investors will be looking closely over the coming months.
David Thorpe is special projects editor of FTAdviser
