09/01/2008 - 22:00

Stockbrokers increase their staff

09/01/2008 - 22:00

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Montagu Stockbrokers has jumped ahead of rival stockbroking firm DJ Carmichael & Co in terms of number of advisers it employs, according to the latest survey of the industry by WA Business News.

Stockbrokers increase their staff

 

Montagu Stockbrokers has jumped ahead of rival stockbroking firm DJ Carmichael & Co in terms of number of advisers it employs, according to the latest survey of the industry by WA Business News.

The information, contained in the WA Business News 2008 Book of Lists, shows the number of advisers employed by Montagu increased 9 per cent to 36, placing the firm ahead of DJ Carmichael, which employs 35 advisers.

While the number of staff employed by DJ Carmichael has increased from 74 to 83 the number of its advisers has fallen from 44 to 35, according to data in the 2007 and 2008 WA Business News Book of Lists.

Montagu, ranked seventh on the list, was one of just a handful of brokers to increase staff numbers in the past year with Asandas, Citi Smith Barney and Patersons adding advisers.

The number of advisers employed by Hartleys Ltd fell from 47 to 44, however the firm maintained its place as WA’s second biggest broker in terms of advisers employed.

Retaining top position was Patersons Securities, which increased staff at its WA offices by 15.5 per cent to 179, of which 99 are advisers.

Montagu managing director Adam Davey said the broker was operating in a niche market in the small to mid cap sector.

Montagu was also involved in substantially more capital raisings last year. The firm raised about $120 million in capital, including the $10 million Atom Energy initial public offering and $20 million in placements for Perseus Mining.

This compared to $36 million the firm raised last year.

Mr Davey said Montagu’s growth during 2007 had been across corporate finance and portfolio management.

Mr Davey said Montagu was offering something unique to the market with many of its directors having served on public company boards and able to provide an added level of expertise for its clients.

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