Banking on brokers
The withdrawal of a major lender to the broking industry is bad news for brokers and could lead to a sharp drop in M&A activity, says Tony Cornell
The sudden announcement by Macquarie Bank of their withdrawal from the broker financing market came as an unwelcome surprise. They had carved out a strong niche concentrating on medium-sized brokers. They had targeted their chosen sector by forging alliances with suppliers such as Aviva, participating in road shows and exhibitions, networking and following up gossip. Often people would get phone calls from them asking if there was any substance in a rumour and asking for introductions if there
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