Euroz shuffles management to focus on growth

Listed corporate finance firm Euroz has announced a management shuffle in its stockbroking subsidiary, with the current head of institutional dealing, Rob Black, appointed as managing director.

Euroz today said Mr Black had made a major contribution in leading the institutional division through difficult market conditions.

Also today, Euroz said its executive director Jamie Mackie had been appointed to the position of head of retail dealing.

Mr Mackie has been with Euroz Securities for the past 13 years and will spearhead the company’s efforts to expand its retail dealing team.

The appointments follow Euroz’s recent hiring of former RBC Capital Markets oil & gas managing director Brent Bonadeo to strengthen its presence in that sector.

Newly-installed chairman Andrew McKenzie said the changes were being made with a view that the market was improving.

The company announced Mr McKenzie would replace incumbent chairman Peter Diamond last month.

“We’re looking to aggressively hire good retail advisers,” Mr McKenzie told Business News.

“We’re seeing more interest in that part of the market; more people are coming and talking to us than I’ve seen in the past 13 years.”

Mr McKenzie said Euroz was taking a positive outlook on the current state of equity capital markets, despite access to capital remaining a significant concern for listed companies, particularly those in the junior resources space.

“The last year and a half for us has been about limiting our mistakes, it’s been about maintaining modest profitability and trying not to do silly things,’’ he said.

“We really see the current market as an opportunity, and I don’t think many other people are thinking the same way.

“I think in the next three to 12 months we are going to have a better market.

“It’s going to have some bumps in the road but I believe there will be less competition from the people that have been snapping at our heels.

“We think we will be in a better position to get more than our share of it.”

At 1:30PM, WST, Euroz’ stock was down 2.2 per cent, at $1.12.