We’ve had a couple of clients who’ve come back to us and said, ‘Look, we don’t want anything subsidising anything else, right; so come back and give us a price.’ And so you go back and say, ‘Here’s how much it’s going to cost you now if we’re doing your accounting, because we’ve got six people sitting in the office there doing it. So here’s what it’s going to cost you. And they flip out. They say, ‘Okay, thanks very much. Go back to the old way of doing it.’ Tim Worner: When we’re referring to unit trusts here, are we talking about superannuation member equity as well? Because it’s important with unit registry, people wax and wane between throwing super in and super out. And, you know, it’s a big difference. Because unit trusts, the scale’s diminishing, it’s going away and it’s going to continue to diminish in terms of volume of trades and number of investor accounts. But superannuation member record keeping, it’s outsourced now.

We have big industrial strength record keepers. Kay Sprague: Unit registry at its core is the same for each country. Australia unfortunately has the complexity of capital gains tax, which is probably the expensive bit to actually develop. But for most countries, what I see is a number of managers that are across the region, global managers, saying that in, say, 10 countries they want to have one offering, one system, the one set of statements for each country. And they think that that shouldn’t be too difficult to achieve, with perhaps some customisation of language in each of the countries. So that really should be a great offering. The extra complexity becomes Australia for capital gains tax. If that capital gains tax wasn’t there, then it wouldn’t be so difficult, I think, for Australia.

If we could make our products more regional, and start selling them offshore, and accepting off-shore product in, we can take that next step of scaling up unit registry. But at the moment, from a global perspective, we’re just seen as different. Jeremy Don: In some ways, Australia suffers from the fact that it’s quite sophisticated in the way it operates. The whole principle of having investor-directed investment, where they can plug into the internet, choose what they want to do, is something that’s a bit beyond most of our region. Kay Sprague: I think that Australia is, as you say, ahead or at least at that leading edge. It’s just that it’s doing it with separate systems in separate places, and we’re developing it multiple times.