Perth finance executives Andrew Frazer and Simon Lill have agreed to a strategic alliance between their respective businesses.
The alliance will involve a revenue and cost sharing arrangement, seeking to take advantage of synergies between the two companies.
Somers will seek shareholder approval to change its name to Pinnacle Corporate Finance to align itself with Mejority’s operating subsidiary, Sydney and Gold Coast-based Pinnacle Securities.
Somers has carved our a small niche in the Perth corporate finance market, servicing junior exploration and technology companies.
It has worked on six capital raisings this year collectively worth $11.6 million, with clients including Triton Minerals, Patrys and Norwood Systems, according to data in the BNiQ Search Engine.
It has also advised on several mergers and acquisitions in recent years but has not advised on any deals in 2018.
The planned alliance comes a little over one year since its planned merger with Perth-based Merchant Group was terminated.
It also comes after a restructuring by Mejority, which in April completed the sale of its loss-making Hong Kong subsidiary, Mejority Securities.
Mejority chief executive Neil Sheather said the alliance was a major win for the firm’s clients in terms of broadening its service offering in the equity capital markets.
“We have dealt with Somers for many years and are now excited to commence a more formal working relationship and to working closely with Andrew and his team,” Mr Sheather said in a statement.