News ventures into wealth market

News ventures into wealth market

The 100% owned subsidiary of News Limited, Eureka Report, and Clime Asset Management have announced the creation of a new joint venture in the wealth market.

B&T Magazine
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The joint venture will offer stock valuation and research solutions combining Clime’s methodology of evaluating and assessing company value and Eureka Report’s investment commentary.

The yet-to-be named venture will draw on the capabilities of both businesses to develop a range of offerings for the retail, self-directed investor market and the financial planning and broking industry as well as the wholesale capability for the financial services and banking sector.

General manager of Eureka Report James Leplaw said: “All our research told us that while subscribers loved the Eureka Report, they also wanted even deeper insights into stock valuation, underpinned by a proven methodology.”

This partnership signals a further move into the high-end finance industry for News, coming only eight months after the acquisition of Eureka Report; and is part of a series of new innovations that Eureka Report has planned over the coming months.

Eureka Report founder and editor-in-chief Alan Kohler added: “The service will assist audiences with understanding the true value of stocks and choosing the right stocks to invest in.”

Publicly listed boutique funds management business Clime Asset Management has over $400 million in funds under management.

This new business unit will officially launch into the market place towards the end of the financial year. Since acquiring the Eureka Report and sister site BusinessSpectator eight months ago, News Limited has integrated the offering with the Wall Street Journal and The Australian’s business coverage.