BANK of America-Merrill Lynch's Australian head of equities, Matt Unsworth, has continued to build up the investment bank's equities team with the hiring of Goldman Sachs JBWere's Sam Fletcher.
The poaching of Fletcher, who will work in the newly created role of cash distribution within the team, follows the hiring of Bell Potter’s three-man real estate team last week.
Fletcher resigned from GSJBW yesterday and will start at Merrill in May.
Unsworth has been building up Merrill’s local equities team with about 40 hirings since April 2009, including the recent addition of fellow GSJBW banker Peter Phillips. The bank was now focused on boosting its client-handling, said Unsworth, after initially focusing on building up its research and sales areas.
Merrill last month stunned investment banking circles when it poached Royal Bank of Scotland co-head of markets Chris Thomas and nine other bankers in a morning raid on the bank.
It was the second raid on its rivals in six months – Merrill raided UBS’s property team, which reportedly cost nearly $27 million in guaranteed salaries for nine bankers.
bennetm@theaustralian.com.au
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