New owner for Morgan broking team

By ELLEN READ

Macquarie Equities New Zealand yesterday announced it will buy JP Morgan's New Zealand retail broking business.

The company is taking over 30 of the 36-strong retail equities broking team of JP Morgan New Zealand, which has a market share of around 10 per cent.

The other six employees are leaving the firm.

"This is a successful business, with well-established systems and a good client base," said Macquarie New Zealand executive chairman Jim McLay.

The team will continue to be managed by John Owen, and will operate in Auckland, Wellington and Christchurch.

The new firm is expected to be running by June 1.

Mr McLay said the acquisition underlined Macquarie's confidence in the New Zealand equities market, and was the next logical step for the company after its move into New Zealand's wholesale equities broking business last December.

Macquarie Equities New Zealand is a wholly owned subsidiary of Australian investment bank Macquarie Bank.