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A security worker stands next to the Macquarie Group logo in central Sydney in this Feb. 9, 2010, file photo. A group of Canadian Macquarie Private Wealth Inc. brokers are upset over the sale of their employer to independent investment firm Richardson GMP Ltd. Now they are exploring their options to thwart the sale, jump ship or even start up their own firm.
A security worker stands next to the Macquarie Group logo in central Sydney in this Feb. 9, 2010, file photo. A group of Canadian Macquarie Private Wealth Inc. brokers are upset over the sale of their employer to independent investment firm Richardson GMP Ltd. Now they are exploring their options to thwart the sale, jump ship or even start up their own firm.
(DANIEL MUNOZ/REUTERS)

Macquarie brokers see red after Richardson GMP deal

A group of Canadian Macquarie Private Wealth Inc. brokers are upset over the sale of their employer to independent investment firm Richardson GMP Ltd.

Now they are exploring their options to thwart the sale, jump ship or even start up their own firm.

The two investment businesses were thrust together on Sept. 9 when Richardson GMP agreed to pay about $132-million for Australian bank Macquarie Group Ltd.’s Canadian retail business. The merger could nearly double Richardson GMP’s assets under administration to $28-billion.