“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Sunday, 22nd November 2009
Macquarie has acquired Canada’s Blackmont Capital, an independent investment dealer, for C$93.3m (€58.6m), bolstering its North American wealth management operations, according to a report in the Financial Times.
Blackmont, which has a team of more than 130 financial advisers in 13 offices across Canada, has client assets worth C$7.6bn.
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
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