Ireland steers Mariner with new boutique launch

BillIreland’s fledgling financial services group, Mariner Financial, has co-launched a new Australian boutique investment bank — to be branded under the Mariner banner.

Mariner Corporate Finance, as it will be known, will be jointly owned by Mariner Financial and Melbourne-based corporate adviser David Williams.

Williams, who previously headed up the corporate finance division atChallenger Financial Services, will assume the role of chief executive officer, while Ireland will act as non-executive chairman.

Challenger Financial Services last month withdrew from corporate finance activity as part of an ongoing review of the business. The clients of Challenger Financial Services have now been transitioned to the new entity, and Mariner Corporate Finance says it will also retain the core Challenger corporate finance team.

Williams says the bank will remain focused on the boutique end of the market, as it is “poorly serviced by the majors, even though there is substantial deal flow from vibrant small-cap public and private companies”.

“We are targeting niche deals that often fall below the radar of our major [international investment banks] competitors,” Williams says.

The bank aims to provide merger and acquisition advice, equity raisings and strategic corporate financial advice.

Ireland, the founder and former managing director of Challenger International, re-emerged in the industry earlier this year after being appointed as managing director of Australian Assets Corporation — now Mariner Financial.

Since its inception, Mariner has struck deals with international investment bank Babcock & Brown and superannuation fund providerIndustry Fund Services(IFS).