Lehman Brothers Australia chief executive Jim Ballentine will stay in his role after the firm was bought by a Japanese brokerage.
Lehman Brothers Australia (LBA) chief executive Jim Ballentine will stay in his role, after Nomura Holdings bought Lehman Brothers Asia-Pacific unit including LBA, late on Monday.
Tokyo-based Nomura is Japan's largest brokerage firm and it paid $267 million for the acquisition, an LBA spokesperson told InvestorDaily.
The purchase comes after LBA, formerly known as Grange Securities, was taken over by the failed United States investment bank Lehman Brothers in early 2007.
It is understood that LBA chief executive Jim Ballentine and investment management head Paul O'Halloran are staying with the firm in the same roles, for now.
It is unclear whether LBA will be taking on the Nomura brand.
The mood of the Australian office was happy amid the purchase, the spokesperson said.
LBA employed 120 staff at the end of 2007 and shed 15 jobs after its Melbourne-based asset management division closed down earlier this year.
Lehman Brothers Asia-Pacific unit employs 3000 people overall and specialises in mergers and acquisitions, executive services, non-cash business including derivatives, electronic trading and prime brokerage.
"This is a transformational deal that allows us to bring together the strengths of Nomura and Lehman Brothers to further deliver value to our clients," Nomura president and chief executive Kenichi Watanabe said.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
Catholics revamp fixed interest »
Industry superannuation fund the Catholic Superannuation and Retirement Fund (CSRF) has revamped its fixed income portfolio.
Mercer backs alternatives »
Mercer has awarded $34.15 million in mandates to Tactical Global Management (TGM) and Lazard Asset Management to invest in alternative assets.
