Jarden directors step down

Jarden Managing Director, Investment Banking Dane Fitzgibbon. Picture: Renee Nowytarger

Jarden Australia investment bankers Robbie Vanderzeil and Dane Fitzgibbon have stepped down as directors in what is said to be part of the recently announced restructure of the organisation.

According to documents lodged with the Australian Securities and Investments Commission on Tuesday, Mr Fitzgibbon ceased his directorship of the Australian entity on November 2, as did Mr Vanderzeil, who also stepped down as a director of Jarden Group, the New Zealand-based head company, at the same time.

Appointed as a new director of Jarden Australia on the same date was Jarden’s chief operating officer Tim Keegan.

As part of a restructure announced last month, Mr Vanderzeil was moved into the position of chairman after initially joining as the chief executive of Jarden Australia.

Jarden opened an Australian office in 2019 before launching in 2020.

Sources close to the organisation say that Mr Fitzgibbon, who holds the Managing Director, Investment Banking role, was appointed director at a time that the entity was first launched, with the former UBS equity capital markets banker being one of Jarden Australia’s first hires.

Mr Vanderzeil’s resignation as director was part of his move out of day-to-day operations, sources say.

Joining the board of Jarden Group in New Zealand will be Aidan Allen and Sarah Rennie, who have recently become co-chief executives of the investment bank across Australia and New Zealand.

The reshuffling of the director ranks also comes as Jarden Group issued new shares on November 24, which sources close to the organisation say is part of a move to pay staff.

Company filings in New Zealand show Mr Vanderzeil has a 1.37 per cent holding in Jarden Group, while Mr Spencer 1.24 per cent, Mr Allen 0.6 per cent Ms Rennie 0.85 per cent and Mr Fitzgibbon 0.75 per cent.

Chairman Bill Trotter has 10.1 per cent and chief executive James Lee 4.5 per cent.

Market experts say that such directorship changes and issuing of shares are commonplace in investment banking boutiques and private equity firms to align remuneration with performance.

But the changes continue to be closely watched at Jarden Australia at a time that global investment banks are shedding staff amid a slowdown in deal flow, particularly in equity capital markets.

Sources close to Jarden said both Mr Vanderzeil and Mr Fitzgibbon remained at the organisation.

Jarden announced last month it was separating its investment banking arm from its private wealth business.

Its investment bank, which partners with Japanese lender Nomura, has more than 300 staff across Australia and New Zealand, advising on more than $100bn worth of deals.

The firm raised about $NZ60m ($54m) through a convertible note this year, which was said to be for growth funding, although there were suggestions that the money was used to pay staff.

Its financial year ends on March 31.

Jarden was understood to have offered top dollar to recruit talented bankers in 2020, with estimates that around $12m was spent securing staff.

The group made a splash on the Australian investment banking scene in 2020 by hiring some of the most successful industry operatives in the Australia.

Mr Vanderzeil was hired after leaving UBS, while Ms Rennie was the Goldman Sachs head of equity capital markets for Australia and New Zealand, who worked at UBS before Goldman, and both were considered to be top of their game in the equity capital markets arena.

Mr Allan, who previously led investment banking at UBS Australia, was hired months later.

Also joining the Sydney base of Jarden in the initial stages was UBS equities syndicator John Spencer, along with Mr Fitzgibbon, who was co-head of capital markets at UBS between 2004 and 2017.

Numerous other executives were hired from UBS and other rivals.