Paganin parts with Euroz

Investment banker Karl Paganin has parted company with listed Perth-based financial services group Euroz where he headed the corporate finance department.

Euroz named another of its senior executives, Doug Young, as Mr Paganin's successor. The pair has shared the leadership of the department for some time.

Mr Paganin is one of WA's most senior corporate finance executives and has been with Euroz for eight years. He was a director of Euroz subsidiary Euroz Securities, the stockbroking and corporate finance business.

Sources within the business suggest Euroz management and Mr Paganin had disagreed with the strategic direction of corporate finance operations. It is not known whether Mr Paganin has any new role planned.

A recent survey of mergers and acquisition work showed Euroz was not one of the busier operations in what was a lean year, however it did advise Clough on a placement and proportional takeover by Forge and advised Gryphon Minerals on its $35 million bid for Shield Mining.

Overall, Euroz has recently reported that in 2009-10 financial it raised new capital amounting to $722 million.

Equity capital market raising in 2008-09 were $573 million, reflecting the impact of the global financial crisis when compared to $1.42 billion the previous year, which was a bumper period for the group.

The most recent record of Mr Paganin's stake in Euroz was the 2008-09 annual report which showed he held more than 4.9 million shares which would have an approximate value in today's market of $5.8 million. He also held almost 400,000 options late last year.

In 2008-09, Mr Paganin was one of the company's highest paid executives, earning more than 770,000 the majority of which was linked to bonuses or profit share arrangements. The previous year he earned more than $1.6 million.

Mr Young had a similar remuneration profile. When last reported he held 4 million shares and more than 200,000 options.

Before joining Euroz, Mr Paganin spent 11 years working as senior legal counsel and general manager major projects for the Heytesbury Group of Companies, which was linked to the Holmes a Court family.