Lehman Brothers Buys Australian Investment Advisor

Stephen Harris

18 January 2007

Lehman Brothers has bought Australian investment and advisory firm Grange Securities for an undisclosed sum. Grange will become part of the Lehman Brothers' Asian operations. The company’s managing director, Glenn Willis, who remains after the acquisition as country head for Australia, said the partnership offered an opportunity for the company to accelerate its expansion plans. Lehman managing director Ben Harding will transfer to Sydney as Grange's chief operating officer. Grange Securities, which was established in 1995, is involved in fixed income, structured credit, hybrids and high yield markets and more recently expanded into investment management, equities, corporate finance, asset management and private clients.