Macquarie First South commences operation in South Africa

12 August 2006

Macquarie First South – a joint venture between First South Financial Services (First South) and Australia’s Macquarie Group (Macquarie) – today announced that operations had formally commenced in South Africa.

Macquarie First South has been formed by combining Macquarie’s South African corporate finance advisory and debt markets businesses with the institutional equities broking business of First South Securities, a subsidiary company of First South. Macquarie First South will benefit from the support of Macquarie’s global equities, equity capital markets, debt markets and corporate finance and infrastructure advisory businesses, which have offices in Australia, Asia, the UK, Europe and North America.  The Macquarie Group, Australia’s largest full-service investment bank, operates in 24 countries and employs more than 8,600 staff around the world and has a market capitalisation of approximately US$11billion as at 11 August. 

Macquarie Bank Deputy Managing Director, Richard Sheppard, commenting in Johannesburg said that a partnership between Macquarie and First South would accelerate the growth of Macquarie’s African operations by broadening the scope of the existing advisory and debt markets businesses and adding local distribution capabilities.

“First South has a well-regarded research team and broking business and established relationships in the South African market.  The involvement of the J&J Group, which has a strong presence and established relationships in the South African market, provides the Macquarie First South joint venture business with impeccable BEE credentials,” said Mr Sheppard.

First South’s Chairman, Jay Naidoo, said the partnership marked an important development for the company as a leading broking and securities business in South Africa.

Mr Naidoo said “We are excited to team up with a global partner in Macquarie.  Macquarie First South will provide clients with world-class product and service offerings and meets our strategic objective of providing quality corporate advisory capabilities.” 

Overview of Macquarie

The Macquarie Bank Group is a diversified international provider of specialist financial and investment banking services.  In Australia, Macquarie is a full-service investment bank providing financial market trading and advisory products and services.  In the Asia-Pacific region, the Bank provides a broad range of investment banking services, and in the Americas, Europe, Africa and the Middle East, it focuses on particular business areas in which its expertise delivers value to clients.  Worldwide, Macquarie has more than 8,600 staff in 24 countries.

Overview of First South

First South Financial Services is a subsidiary of J&J Financial Services, part of the J&J Group, a broad-based, black-empowered investment company with a diversified range of investments in financial services, healthcare, information technology and industrial sectors.  The J&J Group was founded in 2000 by Jay Naidoo and Jayendra Naidoo. 

Over the last three years, First South has built the largest black-controlled securities firm and is a top-10 firm in the sector.  First South’s operations undertake a range of services including stockbroking, equities research, an institutional trading and settlement service, investment banking advisory services, and enterprise-wide risk management services to public and private sectors including financial, treasury and risk financing services. 

For more information please contact:

Stephen Yan
Macquarie Bank Public Relations
Tel: (612) 8232 2788