McDouall Stuart Acquires Wellington Broker

McDouall Stuart Acquires Wellington Broker

McDouall Stuart Group Limited, the parent company of NZX Firm McDouall Stuart Securities Limited has announced its agreement to acquire the Wellington NZX sharebroking firm of Waddell Johnston McCarthy & Company Limited (also known as WJM).

Announcing the acquisition, McDouall Stuart Managing Director, Andrew McDouallsaid today that Waddell Johnston McCarthy, a NZX private client and institutional broking firm, is widely recognised for its systems and global dealing capability.

Waddell Johnson McCarthy, headed by well known Wellingtonbroker Ian Waddell, was founded in 2003 and has established a very successful private and institutional client base.

Andrew McDouallsays “Ian Waddell and ourselves agree there is a good fit and considerable synergies between the firms and we have invited Ian to become a director of McDouall Stuart Securities Limited”.

All Waddell Johnston McCarthy staff will be offered positions with McDouall Stuart Securities. The acquisition will result in staff numbers at McDouall Stuart increasing to around 40.

Following the acquisition, McDouall Stuart Group’s two NZX participants (being McDouall Stuart Securities and Waddell Johnston McCarthy) will be working toward legal amalgamation as soon as is practical.

McDouall Stuart previously acquired the Hawkes Bay NZX firm L R Singleton. Since acquiring this firm in 2004 McDouall Stuart has experienced significant growth in the HawkesBayarea.

In addition to the Securities operations of McDouall Stuart, the company has grown its Corporate Finance capability with additional investment banking professionals recently joining the firm. The Investment Banking and Corporate Finance advisory work is undertaken through the firm’s Wellington, Sydneyand Melbourneoffices.

McDouall Stuart is recognised for its specialisation in the non bank finance sector, and oil and gas and minerals both through its research capability but also through its corporate advisory and capital raising activities.

The firm has been active in the Initial Public Offering market with numerous NZX issues in recent years, including the largest NZX IPO for 2007, the $85 million capital raising for Pike River Coal Limited.

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