Macquarie makes Canadian play
Macquarie Bank has widened its global footprint with the announcement today that it has entered into an agreement to acquire Canadian-based independent financial services and banking house Orion Financial Inc.
Orion will be combined with Macquarie’s existing Canadian investment banking business with the aim of creating a leading investment banking and securities franchise in Canada.
In an announcement released on the Australian Stock Exchange today, Macquarie said that Orion, through Orion Securities Inc, was a well-established Canadian independent dealer focusing primarily on the resources sector.
Commenting on the transaction, the head of Macquarie’s Investment Banking Group, Nicholas Moore, said the bank had been attracted to the experienced and successful team at Orion, which had a deep understanding of the Canadian market and was highly regarded by clients.
“Our objectives in acquiring Orion are, firstly, to round out our global resources investment banking business and, secondly, to extract maximum advantage from combining their successful Canadian operations in equity underwriting, sales, trading and research with the scale and global reach of Macquarie Securities,” he said.
Moore said Orion’s senior management team would remain with the business in key leadership roles within Macquarie’s Investment Banking Group.
AUTHOR
Mike Taylor
Recommended for you
Two commentators have shared why the inclusion of alternatives in a diversified portfolio shouldn’t be a simple switch with a traditional asset and will depend heavily on clients’ objectives.
Morgans chief executive, John Clifford, has announced he will step down from the wealth management group after eight years leading the business.
Funds under administration on the BT Panorama platform have passed $120 billion in the last six months as it progresses its migration of Asgard into the platform.
Private markets may be the hot topic of the day but two financial advisers have shared the red flags to consider and why advisers shouldn’t be tempted to invest solely in the pursuit of higher returns.
