28/01/2010 - 14:33

Patersons expands with RBS Morgan team

28/01/2010 - 14:33

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Patersons Securities has today announced its third major expansion in less than two years, recruiting the management team behind the Western Australian arm of RBS Morgans.

Patersons expands with RBS Morgan team

Patersons Securities has today announced its third major expansion in less than two years, recruiting the management team behind the Western Australian arm of RBS Morgans.

The new East Perth office will be managed by RBS WA state director Kim Roberts, Patrick Connolly and Jenny Rogers, who will be joined by a team of about 45 staff, including advisers and support staff.

The WA arm of the RBS office is managed by R M Black Morgan Pty Ltd, which is owned by Messers Roberts and Connolly.

Patersons executive chairman Michael Manford told WA Business News the new East Perth office will operate as Patersons when it makes its transition in May this year, and said that it was not an acquisition.

He said Patersons was delighted to welcome such an experience and quality group of advisers to the team.

"We have known this dealer group for some years and have always respected their ability to provide high level and highly personalised service to their clients," Mr Manford said.

"In many cases, these client relationships go back decades and we look forward to providing both the new advisers and their valued clients with access to the full range of Patersons client services.

"In particular, we believe our long standing Accolade Portfolio Administration Service platform will be of enormous utility to both the new advisers and especially to their clients."

In the 2009 financial year, Patersons made two acquisitions, buying Montagu Stockbrokers and the stockbroking business of Tolhurst Group.

Mr Manford said Patersons was continuously looking at growth opportunities.

"Patersons want to continue to grow their advisory network, continue to build our funds under advice and administration and so we would be looking to cautiously grow our network not only in Western Australia but particularly the east coast of Australia if opportunities become available," he said.

The latest addition to Patersons will take the number of client advisers in WA to more than 140 and nationally to more than 320.

Mr Roberts said his team was looking forward to introducing their clients to the range of client services and investment products available through Patersons.

"This is a great move for our team and for our esteemed clients, many of whom we have been serving for more than 20 years," said Mr Roberts.

"Patersons is a great fit for our advisers and clients and we look forward to the time ahead with great confidence."

RBS Morgans managing director Brian Sheehan told WA Business News that he's disappointed with the news but said it was understandable as both parties in discussions for a while.

"They've got certain issues that need to be addressed from their point of view and that's fine and we understand," he said.

We'll be working on an amicable separation and cooperating together to make sure all the clients are well looked."

Mr Sheehan said RBS Morgans still has a corporate presence in Perth and was excited about potential opportunities in Perth

"We've had a lot of interest over the years, interested in joining our business, and we've sort of been restrained for one reason or another from that," he said.

"We're quite excited about the potential we have in western Australia, we're certainly committed to developing a business there."

 

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