Ann: OVH strengthens its super partnerships post-KPMG acquisition, page-5

My guess on the 20 mile road reference is that the distance between the set up of towns on the prairies in the US in the nineteenth century was so that the maximum distance was 20 miles. This was the maximum distance that a farmer could drive his horse dray to the town (and market) and return to the farm in a day.  The CEO is a Canadian so maybe there this also applies to the Canadian wheat belt provinces such as Saskatchewan.  Maybe we should ask the CEO to clarify what this 20 mile journey reference is about. Where is the company along this journey? Is is starting to seem like a long journey to me  into infinity.....with no return, no cash return, i.e. no dividends!!!

I was involved as a customer of Aon when it provided Trustee Services as well as life / disability insurance and Fund admin. Fund Trustee services are a  staffing-cost intensive professional service with many compliance and regulatory risks. Services were to Corporates for their Corporate labeled Funds. Earlier on with OVH, I guess I saw it as a part of a portfolio of services and revenue streams. The Royal Commission has thrown all of these cards up in the air. The cost of compliance for super funds (and complying with changes) ongoing, means that only very large funds will remain competitive in the general market and be able to afford the complex compliance. Or of course SMSFs. 

In my view I am happy to see them out of the business. It is a niche business at best.

The CEO spins a good line, it would be good to see this turn into a river (or creek) of cash. Maybe it is the drought in Australia!