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MarketScreener Homepage  >  Equities  >  New Zealand Stock Exchange  >  Tilt Renewables Limited    TLT   NZTLTE0003S8


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Lazard restructures in Australia amid M&A sector shake-up, hands advisory business to 'affiliated' firm

02/04/2021 | 08:34pm EST

SYDNEY, Feb 5 (Reuters) - Investment bank Lazard Ltd said on Friday it is reorganising its Australia operations, retaining its wealth management arm in the country in-house but handing over mergers and acquisitions advisory services to a new, "affiliated" firm.

A person with direct knowledge of the situation said a number of redundancies were announced at the firm on Thursday, without disclosing how many jobs were affected. The person spoke on condition of anonymity because the details were private.

A Lazard spokeswoman said in an emailed statement that the new advisory firm in Australia will retain an "affiliation" with Lazard and be headed by Melbourne-based Andrew Leyden, a seasoned infrastructure and energy banker who currently heads the firm in the country.

The move comes amid a shake-up in the investment banking market in Australia, with South Africa's Investec announcing plans to exit from the country in December, while newcomers such Barrenjoey -backed by Barclays Plc- and local firm Jarden, raid competitors for talent.

Lazard "regularly reviews our global footprint; assessing local office productivity and potential for future growth," the spokeswoman said in an emailed statement. There would be "no impact on Lazard Asset Management in Australia", she added.

"We have good visibility on the Australian financial advisory business and decided this was the right time."

Australian investment banking revenue for the first nine months of 2020 was 3.2% lower at $1.5 billion as activity volume halved, according to Refinitiv data, with the global coronavirus pandemic disrupting economies and hurting business confidence around the world.

Lazard was 10th in target advisory rankings, according to Refinitiv, while Goldman Sachs topped the same league table.

Last year Lazard acted as defence advisor for wind and solar firm Infigen Energy, and is currently advising New Zealand's takeover target Tilt Renewables Ltd, on condition of anonymity.

"A core team will continue to work on all current mandates," the spokeswoman added.

The person with direct knowledge of the matter said the new firm was expected to operate in a similar partnership model to Lazard's operations in South Korea, where in 2013 it established a "strategic alliance" instead of a fully owned office. (Reporting by Paulina Duran in Sydney; Editing by Kenneth Maxwell)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 4.61% 169.7 Delayed Quote.16.13%
INFIGEN ENERGY LIMITED -1.06% 0.93 End-of-day quote.0.00%
INVESTEC GROUP 1.62% 42.08 End-of-day quote.14.85%
LAZARD LTD 0.17% 40.78 Delayed Quote.-3.59%
THE GOLDMAN SACHS GROUP, INC. 1.05% 334.43 Delayed Quote.26.82%
TILT RENEWABLES LIMITED 1.42% 6.44 End-of-day quote.1.10%
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Sales 2021 140 M 102 M 102 M
Net income 2021 7,37 M 5,34 M 5,34 M
Net Debt 2021 359 M 261 M 261 M
P/E ratio 2021 220x
Yield 2021 -
Capitalization 2 427 M 1 764 M 1 759 M
EV / Sales 2021 19,9x
EV / Sales 2022 13,7x
Nbr of Employees 50
Free-Float 13,0%
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Average target price 5,57 NZD
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Spread / Highest target 14,4%
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Deion Mark Campbell Chief Executive Officer
Steven Symons Chief Financial Officer & Secretary
Bruce James Harker Chairman
Fiona Oliver Independent Director
Anne June Urlwin Independent Director
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