The partnership between Nomura and Jarden in Australia and New Zealand, announced on Monday, is intriguing.
Jarden is a New Zealand-based financial services group that last year commenced a push into Australian investment banking, led by several former UBS and Goldman Sachs executives, with Robbie Vanderzeil as chief executive.
At first glance, there appears to be some overlap. Both firms will continue to run standalone corporate advisory and capital markets businesses in Australia and New Zealand, begging the question: why do it, then?
The answer appears to be for global distribution capability, which was the one stand-out omission from the Jarden offering. It also brings a decent balance sheet, which certainly won’t hurt.
When word of Jarden’s ambitions spread last year, nobody doubted the quality of the people – not just Vanderzeil but Sarah Rennie, former head of ECM for Australia at Goldman Sachs, and Dane FitzGibbon, co-head of capital markets at UBS, among many others.
But there was a question around how far a purely domestic equity capital markets boutique could go.
“They will be very fierce competitors in domestic equities I’m sure, but in the broader business that’s a very small part of it,” one competitor told Euromoney at the time.
Subsequent
