Haha - notice how Brian did not mention NZX itself as well at all?
NZX was a most dysfunctional company (and by consequence, the whole stock market) under a sleeping board with vested interests who allowed Weldon to pluck the NZX clean of future growth and opportunity.
Everything that Brian criticised in the article, from poor governance to destruction of internal talents, happened with the NZX. And Milford along with quite a few fund managers, and Forsyth Barr and GPG, were big shareholders. So what happened under their watch?
What happened was that the big shareholders like Milford were in full support of a regime where the NZX could do no wrong (as long as the sp was going up) - even as market participants were being milked dry by:
1. excessive monopoly charges,
2. poor service,
3. questionable and selective application of NZX rules & regulations (never seems to apply to NZX itself),
4. NZX management ranks and experience were decimated by gross mismanagement (Weldon's 'my way or the highway'),
5. little investment back into the industry even while the NZX profiteered through ever higher charges.
WELL, THE CHICKEN HAS RETURNED TO THE ROOST WITH LITTLE OR NO FEATHERS!
https://milfordasset.com/insights/we...e-wrong-target
https://milfordasset.com/insights/it...o-higher-level
We all know it took the revelations of Clear Grain and Media Works to shut off the self-justification rants of the likes of Brian defending Weldon and NZX.
Really really rich criticism of NZ market now coming from Brian but then, Milford has sold out of NZX so it's ok to write such articles as the one today?
Funny but never saw Brian Gaynor criticising Weldon once during Weldon's gross mismanagement of the NZX before he resigned.