US Bank Moves Into Australia

LATEST AUSTRALIAN BUSINESS NEWS

US investment bank Lazard has followed in the footsteps of the Lehman Brothers purchasing an established Australian investment bank in order to gain greater access to the Asia-Pacific region.

Lazard has purchased Carnegie Wylie for an undisclosed combination of cash and stock with the acquisition being effective immediately.

Lazard President, Mr Charles G. Ward III, said that the acquisition of Carnegie Wylie was another important step in the bank’s five-year strategy to expand its financial advisory business by geographies, and reinforce its commitment to provide premium service to clients.

The acquisition will allow Lazard to bring Australia’s top banking talent into the Lazard fold, to build on its existing Australian business faster, inherit an established presence and premier brand in Melbourne, Sydney and Brisbane, and strengthen its access in the important Asia Pacific region.

Lazard's existing Sydney-based financial advisory team will join Carnegie Wylie. The combined group will be lead by co-founder and principal of Carnegie Wylie, Mr John Wylie.

Carnegie Wylie co-founder and principal, Mr Mark Carnegie has been appointed CEO of Lazard’s Australian private equity business and Lazard's Australian asset management business will be managed separately.

For information on this article, or on any other aspect of the Australian economy or business opportunities available, please email me.

David

david.taylor@agarcarlyon.com