Jarden MD Dane Fitzgibbon departs investment bank

Former UBS banker Dane Fitzgibbon was among the first hires by Jarden Australia. Picture: Renee Nowytarger

Jarden managing director Dane Fitzgibbon has resigned from the investment bank.

It is understood that the managing director alerted clients and the company on Friday of his departure and comes after DataRoom revealed in November that Mr Fitzgibbon had stepped down as a director, as did chairman Robbie Vanderzeil.

Mr Fitzgibbon was appointed director at a time that Jarden first launched into the Australia market in 2020, with the former UBS equity capital markets banker being one of Jarden Australia’s first hires.

So far, at least ten staff are understood to be departing the investment bank in recent weeks.

Tensions are believed to be building internally within the ranks of Jarden – the New Zealand investment bank that made a bold entry into the Australia market three years ago.

It comes as Auckland-based Jarden Group reported a $37m loss for the year to March 31.

Earnings before interest, tax, depreciation and amortisation before bonuses hit $NZ104m while annual revenue was $NZ353m, the company told staff in an internal memo.

Net assets were $NZ147m and cash was $N65m, while liquidity was $NZ100m.

Jarden told staff in its internal correspondence that all of its cost out plans had been actioned with a focus on ensuring profitability in challenging market conditions.

It had promoted 2021 recruit Jackson Ross, who joined the firm after ten years with Transurban as its general manager of Partner and Strategic Operations, as Head of Energy and Infrastructure, working with Paul Zhu and Ben Coles.

Former New York-based UBS managing director, Reeny Paraskeva, expanded her remit from head of general industrials to take in responsibility for financial sponsors.

Yan Hui Tan was promited to Head of Telecommunications and Travel investment banking, in addition to existing coverage responsibilities across technology and industrials.

Millie Horton was promoted to Head of Equity Capital Markets Origination and Nathan Taylor, Head of Debt and Equity Syndicate.

This year, there had been deferred cash payments for less than half the staff in the bonus pool, with the company saying that this was part of a focus on retention, adding that junior staff were paid a higher cash component.

But this has been a point of contention amongst staff members, due to be paid bonuses today (Friday).

The trading value of the company’s shares have also halved in the past year, last trading at $NZ12.50 after being valued at $NZ25 in May last year.

DataRoom also reported this month that Jarden, headquartered in Auckland, has injected $20m into its Australian subsidiary just days before its investment bankers here learn about their bonus payments for the past financial year.

Jarden’s year end is March 31.

The New Zealand financial firm that operates in investment banking and private wealth management has been under close watch among those in the financial industry.

It was understood to have offered top dollar to recruit talented bankers in 2020 as part of a move into the Australian market, with estimates that around $12m was spent securing staff.

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, including recently, Brookfield’s buyout of Origin Energy.

There are 180 staff, the latest internal memo said, in Australia and 80 in front office advisory roles across the trans-Tasman business.

Deal volume has declined amid a slowing economy after a mergers and acquisitions boom in 2021 during the global pandemic.

Last year, Jarden announced it was separating its investment banking arm from its private wealth business.

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

Aidan Allen and Sarah Rennie were made co-chief executives of the investment bank across Australia and New Zealand.

Jarden’s chief executive James Lee, who spearheaded the Australia expansion, has since left.