Jarden’s Robbie Vanderzeil to retire

Robbie Vanderzeil, right, pictured during his time working at UBS with Gary Head, left, and Guy Fowler, centre. Picture: Attila Szilvasi.

Jarden’s investment banking chairman Robbie Vanderzeil is retiring from the company.

It comes after he launched the group’s Australian investment banking operations in 2020 as the local chief executive.

The investment bank announced the departure on Thursday after DataRoom first revealed late last year he had stepped down as a director of the firm and flagged a move to sell his shares.

“Robbie has had an incredible career across equities, capital markets and investment banking spanning from starting on the trading floor with McIntosh to a senior leader and chairman of investment banking, head of equities and ECM at UBS before joining Jarden in 2020,” Jarden told staff.

Mr Vanderzeil has worked on most of the large and landmark capital markets transactions during his career.

“His reputation for risk judgment and capital markets strategy is unparalleled,” Jarden said.

Jarden has 160 people in Australia across investment banking, capital markets, equities and FICC.

Mr Vanderzeil’s departure was widely expected around the market, with the high profile banker recently understood to have sold shares in Jarden as part of a recent share sale in the business when the group’s shares were priced at $NZ8.50 each.

DataRoom reported in November that both Mr Vanderzeil and Dane Fitzgibbon stepped down as directors of Jarden after the pair were among its founders of the Australian investment banking arm.

Mr Fitzgibbon departed earlier this year, while former Jarden chief executive James Lee, who spearhead the Australian investment banking expansion, has left in recent months.

Some question whether Mr Vanderzeil’s next move could be launching a venture with Mark Himpoo, hired as Jarden’s chief commercial officer after running equities for UniSuper.

Mr Himpoo, known to be close to Mr Vanderzeil, also recently left Jarden.

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

Jarden announced last year it was separating its investment banking arm from its private wealth business, and there has been speculation the wealth unit may have attracted buyer interest of late.

The Australian and New Zealand investment banking arm is now jointly run by Aidan Allen and Sarah Rennie, former UBS and Goldman Sachs operatives.

Last year, company filings in New Zealand showed Mr Vanderzeil had a 1.37 per cent holding in Jarden Group.

Latest records show his holding is at 0.77 per cent.

Global investment banks are shedding staff amid a slowdown in deal flow, particularly in equity capital markets, and Jarden has been closely watched after recent job cuts and a move to defer some cash bonus payments.

The firm raised about $NZ60m ($54m) through a convertible note last year, which was said to be for growth funding, and has since injected a further $20m of equity into the business.

Jarden posted a loss for the year to March 31.

Jarden was understood to have offered top dollar to recruit talented bankers in 2020.