Can Lehman build on Grange?
Brutal competition for asset management
Tapping a growing rich list
LEHMAN BROTHERS’ PURCHASE of Australian investment and advisory house Grange Securities in March was a milestone for the market: the last remaining global investment bank to be absent from the country had belatedly decided to take it seriously.
Now all the big world players have a meaningful presence in the country, and pretty well all of them are talking about expanding their businesses there. Australia has a low population – just 20 million – but boasts the fourth-largest asset management market in the world, is a focal point for private equity, and has an increasing roster of globally competitive and fund-hungry domestic companies. Underpinning it all is an uncommon economic resilience: it is now into its 16th consecutive year of GDP growth in excess of 3%.
International banks’ approach to the Australian opportunity has...
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