Rich has backer for new venture

Rich says he is working on a business plan for a new business but he's "not at liberty" to say what it is.

He planned to have a concept plan out by the end of this week, but has now put that deadline back.

For tactical reasons he is "wanting to keep his powder dry".

Rich told Good Returns that there will probably be an announcement towards the end of January, or maybe in February.

He says the, as yet unnamed business, won't be in competition with Morningstar, however it will be doing the things that he wanted to do with the research business which is still owned by his company Fiduciary and US-based Morningstar Inc.

"(We are) not overtly out to create Morningstar Mark 2," he says.

Rich says the business won't be "two people sitting behind a computer."

He says he has a financial backer and that it will be a "grunty" business which includes technology and research.

"It will still be in the funds environment to a significant extent. It will be involving advisers. It will involve elements of research."

Rich says that Morningstar has not achieved what it was heading towards and its journey "was cut off in its prime."

He says a lot of what Morningstar downunder was doing before his departure revolved around "a vision I encapsulated and articulated and inspired the staff who were there to pursue."

He says that vision will be realised by his new, start-up business.

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