Share information merger

By Christine Nikiel

Friday 20th September 2002

An independent voice has entered the country's sharemarket information services market.

Sharemarket advisers McEwen & Co and Datex Services say their merger into Investment Research Group is timely given recent US corporate scandals.

McEwen & Co director David McEwen said the time was right for an independent adviser which gave investors an alternative to mainstream businesses with a vested interest.

Mr McEwen said the new company would not shy away from bagging bad investments. "We're here to keep everyone honest. We won't be scared to say what we think." The new company would not replace brokers but instead provide a second opinion on New Zealand and the top 200 Australian listed companies, Mr McEwen said.

Datex Services is a veteran in this country's data services market.

Set up in 1983, Datex was one of this country's first providers of information on listed companies. It took over from Investment Research which was set up in the 1960s.

Datex director Peter Saunders said the merger was a logical step for two companies with complementary services and create a cross pollination of ideas.

Datex has also been publishing the New Zealand Investment Year Book since 1973 and supplies information to overseas vendors such as Reuters. Mr McEwen will be Investment Research Group director while Mr Saunders will act as chairman. The new company will officially merge on October 1.

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