Global investment bank Lehman Brothers has successfully completed its acquisition of Australian investment and advisory firm Grange Securities.
The transaction has met all required closing conditions and regulatory approvals.
This strategic partnership creates a new market force in Australia, providing Grange's broad range of corporate, institutional, government and high net worth clients access to the resources of a leading global investment bank.
Glenn Willis will remain heading the business as managing director in Australia, and Tony Berg will remain as chairman of Grange Securities.
Benjamin Harding, a Lehman Brothers managing director who has held senior positions in equities sales and trading, has transferred to Sydney as chief operating officer, reporting to Willis locally and to Hyung Lee, Asia head of equities and fixed income.
Grange Securities was established in 1995 and has offices in Sydney, Melbourne, Brisbane and Perth. Grange currently has five business areas - fixed income, equities, corporate advisory, private investor services and asset management.
In 2006, AsiaRisk ranked Grange as its number one Australian issuer of credit linked notes and one of Australia's Top Five Australian Banks in the region in derivatives and structured credit.
