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Macquarie positions itself ahead of merger

By Chris Hutching

Friday 6th October 2000

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Investors may benefit from an increased presence of local brokers' offices as new firms set up here ahead of opportunities that may arise from a transtasman stock exchange.

Macquarie Bank this week confirmed it is planning to set up sharebroking operations in New Zealand.

Macquarie executives have been talking to New Zealand Stock Exchange officials, and scouting for local staff. They are believed to have approached about 10 people.

Macquarie director in New Zealand Philip Cory-Wright said he had not wanted to confirm the move publicly yet because strategic plans were still at early stages but with the small fraternity of local brokers there was little point in maintaining silence.

Other broking firms are also reported to be keen to seek out new opportunities.

The new moves are likely to put pressure on broking margins to the benefit of investors.

Macquarie is listed on the Australian Stock Exchange and its market capitalisation is more than $6 billion. It is one of Australia's biggest share-
broking firms and is looking at opportunities to expand operations in corporate broking and advisory services for institutions.

Many financial analysts are still reiterating the mantra of investing globally. But some are beginning to recognise the bargains available from high-earning companies in this country as larger institutional investors quit their regional holdings at low prices in favour of overheated US stocks.

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