The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Bulge brackets move the outback to the forefront

All the global players have a presence in Australia, which is the fourth-largest asset management market in the world. Chris Wright looks at their strategies.

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 varied but in almost all cases has involved them buying their way into franchises, often bolting on more and more small acquisitions along the way over a period of a decade or more. So it is that UBS, widely considered the leading foreign investment bank in the country, traces its heritage not only to the legacy businesses of Swiss Bank, Warburg and UBS, but the local Potter Partners retail stockbroking business.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree