Stockbroking Firms Merge

A merger is underway between two stockbroking companies, E.L. & C. Baillieu (founded 1889) and F.W. Holst (founded 1893). These two Victorian firms were founded and established in the 19th century.

When merged, the new business entity would be worth $8 billion in funds. Together, they shall have over 50,000 clients.

The bigger stockbroking firm E.L. & C. Baillieu has 140 staff in Melbourne, Sydney, Perth, Newcastle, and Bendigo with 65 advisers in wealth management, retail broking, and institutional sales.

The smaller company, F.W. Holst on the other hand has around 25 advisers with 50 staff in Geelong and Melbourne.

In an interview with Baillieu’s managing director Gavin Powell, he clarified that the reason for the merger is not the rumored competition from online rivals but instead cites the slowing down of the economy highlighted by the drop in retail investment.

Powell added that retail investors are feeling quite fairly nervous and haven’t been investing in the market.

It is possible that layoffs may happen but sources said this may only be minimal.