Watching brief on exodus at Macquarie

Ructions over change at Macquarie Private Wealth ain’t over, with market rivals poised to pounce on any escaping talent.

Macquarie denies it wants out of stockbroking, maintaining 80 per cent of division revenues will continue to flow from broking and that the hard work in cleaning up the business is done.

But smaller, more nimble brokers still see good business in private client advisers who reject the new Macquarie way.

Market talk suggests Macquarie, which is still subject to an enforceable undertaking, wants to see off as many 60 advisers in the near term, but the bank says there is no cull.

Unhappiness with the tactics used to enact change have seen representations to finance boss Greg Ward and the departure on Monday of the boss of Macquarie Private in Victoria, Malcolm Cameron, after 20 years with the bank.

Cameron is believed to be still negotiating the finer details of his exit, but it is understood his likely next bolthole will be alongside his former boss at Macquarie and great mate Earl Evans, who in March was appointed the new boss of Shaw Stockbroking’s private wealth division after taking a large equity stake.

The pair, who worked together for almost a decade, are now expected to take their pick of a host of disgruntled Macquarie brokers.

Shaw, which is undergoing a corporate renovation, has already brought former BBY big ticket writer Darrell Seeto into the fold. Seeto joined BBY last year after 10 years with Macquarie and will no doubt will be happy with the timing of his latest career move.

The wash-up

They were still answering the phones at BBY yesterday, but no one was really quite sure how it would all play out at the defunct broker.

Retail advisers and options types were already out the door, even as KPMG as voluntary administrator and PPB as receiver continued to tussle over which corporate undertaker would have priority in the messy proceedings.

Meanwhile, the corporate finance team continued to keep clients relaxed and comfortable, with Nick Dacres-Mannings set to front up in Melbourne today to squire Universal Coal boss Tony Weber on a roadshow spruiking the miner’s story to clients.

In recent years Dacres-Mannings has carved out a reputation as small cap coal companies go-to guy in what has been a tough market.

He put together Weber’s itinerary for the trip and was believed to be determined to see through the day’s meetings regardless of unfolding events at the firm.

Let the game begin

Now that Australian Rugby League boss Dave Smith has Credit Suisse local boss John Knox in his corner, negotiations can kick off for the sale of the NRL media rights, which are expected to fetch $1 billion.

Knox, who slipped into the country head chair at CS last month, is leading from the front in his work for the NRL and for Smith, a Welshman and former boss of Lloyds International with no previous rugby experience.

Last time around the ARLC was advised by then boutique Greenhill Caliburn, with principal Simon Mordant and Roger Feletto doing the work.

No doubt Feletto — who is now co-head at Greenhill, while Mordant is focused on the Venice Biennale and starting-up rival boutique Luminis — would be disappointed, as would others who missed out on the gig.

On the other hand, many would recall the difficulties Greenhill experienced in negotiating V8 Supercars rights with the Seven Network’s Bruce McWilliam, the result of which was a major disappointment for V8 owner Archer Capital.

Along with CS, Smith can expect to be supported by ARL commissioners including CSR chair Jeremy Sutcliff, receiver Tony McGrath and corporate adviser Graeme Samuel.

Uber and out

Samuel has plenty on his plate these days, including grappling with gypsy cab operator Uber in his role as Victoria’s taxi tsar.

A week ago Uber raised another $US1.5bn, valuing it at a staggering $US50bn, or about the same size as US household names FedEx, Kraft and General Motors.

While the tax office has dragged Uber into the GST net, Samuel has had less luck. Uber has been ignoring his order to shut up shop for eight months.

Last month new Transport Minister Jane Garrett called an industry confab to discuss Uber, among other things, attended by Samuel and Uber’s policy head, Brad Kitschke, who pushed Uber’s usual line: it doesn’t accept it’s illegal because existing regulations don’t cover it.

Samuel didn’t say much, but he’ll have a chance to pipe up when a test case against an Uber driver returns to court in July.

Lunch with the Don

Don Argus was all smiles yesterday at the corner table at Melbourne up-market eatery Cecconi’s, fresh from giving his old shop, BHP Billiton, a nice kick-along in its battle against Twiggy Forrest. Also spotted: investment banker John Wylie and former Dun & Bradstreet boss Christine Christian.

Trew or false

ASIC referee Greg Medcraft has shown the red card to Man City sponsor FXPrimus, headed by former CMC Markets svengali David Trew, slapping a permanent stop on the retail forex group’s planned IPO (Margin Call, Friday).

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