Perth dealmaker Michael Ashforth is making a return to investment banking, seven years after he retired from Macquarie Capital to work for ‘rich lister’ Angela Bennett.
Perth dealmaker Michael Ashforth is making a return to investment banking, seven years after he retired from Macquarie Capital to work for ‘rich lister’ Angela Bennett.
Mr Ashforth is joining Goldman Sachs as a special advisor based in Perth.
While this is a part-time role, Mr Ashforth will bring extensive experience and valuable connections to WA’s and Australia’s largest resources companies.
He will help to fill the gap created earlier this year when the head of Goldman’s Perth office, Peter Watson, moved to Barrenjoey Capital Partners.
Mr Ashforth's most recent role was executive chairman of AMB Holdings, the private holding company of iron ore heiress Mrs Bennett.
He also represented AMB Holdings on the board of Wright Prospecting, which is one of WA’s most profitable private companies.
Mr Ashforth previously spent five years at Macquarie Capital, as executive director and head of natural resources for Australia, and 13 years at Gresham Partners, where he led its Perth office.
Before this, he was a partner at law firm Freehills.
Goldman said Mr Ashforth will work closely with Melbourne-based Gavi Friedland, who leads its metals and mining practice across Australia and New Zealand.
The investment bank has maintained a small team in Perth, where its most senior staffer is Nick O’Halloran.
Drawing on its global network, it has advised on a diverse mix of WA-related transactions over the past year.
It was joint adviser (with Rothschild) to Western Areas on its $1.1 billion sale to IGO and lead adviser to OZ Minerals on its $205 million purchase of Havilah Resources’ Kalkaroo project
It was also joint advisor (with EY) to APM Human Services International on its $225 million purchase of US company Equus Workforce Solutions.
That was after being a joint lead manager on APM’s IPO in 2021.
Mr Ashforth's move to Goldman comes three months after another veteran Perth-based adviser returned to the sector in a part-time role - Craig Carter joined Bank of America's Australian advisory board in August.
Mr Ashforth’s retirement last year from AMB Holdings was the first of several changes at the low-profile company.
Another recent exit from AMB’s board was John Willinge.
Mr Ashforth's departure coincided with the winding-up of AMB Capital Partners, which operated for nearly a decade as the Bennett family's Sydney-based investment arm.
The new board members at AMB Hodings include executive director Chris Ryan while family member Paul Bennett recently joined the board of Wright Prospecting.
Another recent (but unrelated) addition to the Wright Prospecting board was professional director Frank Cooper, who replaced lawyer Jon Carson.
