GMP team to keep on trading

Stockbroker Andrew Frazer is planning to keep together his 12-strong team in Perth and Sydney, after current backer GMP Securities announced a major restructuring of its international operations.

Toronto-based GMP announced overnight the closure of its offices in London, Perth and Sydney and a restructuring of its US energy businesses in Houston and New York.

“We’re not going anywhere,” Mr Frazer told Business News.

Mr Frazer said he was already having discussions with potential backers and was hopeful of closing a deal next week.

“We’re in a fortunate position, we made good money last year,” he said.

“They have been very cooperative with us.”

Mr Frazer said the Australian operation was more like a franchise, with GMP putting in equity alongside some of the principals, while also providing back-end systems, compliance and branding.

He was looking for a new backer who could replace GMP while allowing the team to continue trading.

The local unit’s success was highlighted by 2015 corporate finance data compiled by Business News.

GMP managed 12 capital raising transactions worth $99 million last year and was involved in seven M&A deals.

Notable deals included asset sales for Panoramic Resources and RNI (both sold to Metals X), and placements for Doray Minerals and Triton Minerals.

Mr Frazer joined GMP in February as managing director and head of corporate finance.

He had previously worked for several other firms, including Azure Capital, Hartleys and Patersons Securities.

The Australian operation has nine staff in Perth and three in Sydney.

GMP opened its Perth office in 2011 after recruiting corporate finance executive Karl Paganin from Euroz Securities.