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McDouall Stuart acquires Wellington broker

Wednesday 27th February 2008

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McDouall Stuart has agreed to acquire the Wellington NZX sharebroking firm of Waddell Johnston McCarthy (WJM).

McDouall Stuart managing director Andrew McDouall said that Waddell Johnston McCarthy is widely recognised for its systems and global dealing capability.

Waddell Johnson McCarthy, headed by Ian Waddell, was founded in 2003 and has established a very successful private and institutional client base.

McDouall says "there is a good fit and considerable synergies between the firms." Waddell has been invited to become a director of McDouall Stuart.

Following the acquisition, McDouall Stuart Group's two NZX participants (being McDouall Stuart Securities and Waddell Johnston McCarthy) will be working toward legal amalgamation as soon as is practical.

McDouall Stuart previously acquired the Hawkes Bay NZX firm L R Singleton.

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