The analysts also picked up on the margin compression issue. Just shooting the breeze here, but there is probably a bit of competition in fees between retail and industry funds, and IOOF is having to continually do "cost outs" just to stay still. The other comment that Chris made was that he has never seen so much M&A in the sector. Ho made the point that businesses phone up IOOF wanting to sell to them. Industry consolidation, once it reaches a tipping point will reduce the margin pressure, but I suspect that will be at least 5 to 7 years away. IMO, it will take that long before rational pricing resumes.
HT1
much better than expectation, page-16
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