Good morning,

Corporate advisory firm Grant Samuel released its annual results on Monday. The figures can be seen as a sign of the times – or a swan song for outgoing co-chief Guy Fergusson, who walked from the top job after four years in late September.

By the numbers, GS reported a 73 per cent decline in net profit after tax to $3.9 million in FY23. Revenue at the management-owned firm fell 37 per cent to $52.5 million.

Naturally, it’s been a tough time for investment banks across the board with deal volumes sinking following booming market conditions. 2021 and 2022 were some of GS’s most successful financial years, according to Fergusson.

We imagine we’re not the only ones poring over the report. GS received a 100 per cent takeover from a mystery overseas bidder in April, which was rejected.

Deal flow and the pipeline have been strong, but like everyone, closing deals is challenging. GS has been across a range of transactions this year including Stanmore’s unsuccessful BHP coal tilt, Accolade Wine‘s House of Arras sale and Stake‘s bid for SelfWealth. It also shopped BWX’s Go-to Skincare stake and The Growth Fund’s car share business GoGet, and was called up to give an independent expert opinion of the Origin takeover. The adviser was replaced on the top of the Southern Cross ticket by UBS late last month.

Happy reading,

• Aussie Broadband is grinding through a $140m raise to bankroll its Symbio buy.
• Wollongong’s Virtual IT Group is booting up to meet suitors.
• UBS, MacCap have launched a shortfall auction for Treasury Wine Estates.
• Luminis has recruited from Greenhillto put boots on the ground in Melbourne.
• It’s back to the drawing board for Nick Bolton as Magellan wins vote reprieve.
• Rothschild Australia has named a former Future Fund director as its new chair.
• Blackstone-Vista have nabbed $1.57 billion Energy Exemplar; Gilbert + Tobin, Herbert Smith Freehills on the ticket.

• A group of financial journalists are launching a new firm that will trade on market-moving news unearthed by its own reporting,The Financial Times reports.
• JPMorgan Chase & Co is searching for a potential partner to grow its private credit business, Bloomberg reports.
• WeWork is poised to file for bankruptcy in the US as early as next week, a stunning reversal for the venture once valued at more than $70 billion, The Wall Street Journal reports.

The Aussie Broadband placement’s pricing was still a moving feast as of late evening, but investors expected it to come in at a tight, single-digit discount to its last close of $3.92 a share.

The S&P/ASX 200 had rallied ahead of the US Federal Reserve meeting; Pacific Current confirms GQG bid.

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