“Have you looked at what the UK and the USA are doing?” Whenever I talked with others about our work in asset management during those early years with the Public Accounts Committee, 1985-1987, this question would commonly be voiced, generally in the tone of ‘Surely others have already done this’. But they hadn’t. One of the hardest tasks was overcoming this Australian cultural cringe. We simply couldn’t conceive of ourselves being in the lead in anything – except Sport. And yet, when it comes to asset management we have led the world. Both the UK and the USA learnt from us! How did this come about?
Nevertheless, New York was very helpful when it came to getting our message across. It became an object lesson for what might befall us if we did not get our heads around Asset Management. How come?
The answers – and many interesting New York stories – can be found in Chapter 6 of our continuing story of the development of asset management: ‘How to contain costs, asset management proper begins’.
Chapters 1-6 of our story are now available