☕️ANZ gets McKinsey’d

Good morning.

When Nuno Matos made three C-suite hires on Thursday, his approach was in sharp contrast to his rival banking peers. Not one of his new executives is from Australia.

The ANZ chief hired Santander UK’s Christine Palmer to become chief risk officer, Tokyo-based McKinsey senior partner Pedro Rodeia as Australia retail head, and former HSBC UK and Europe chief information officer Donald Patra as chief information officer, Capital Brief reports.

Whether local banks just can’t “grow their own timber” or Matos was keen to hire “safe pairs of hands”, what jumps off the page is that unshakeable feeling that ANZ is about to get hella McKinsey’d.*

*They came. They saw. They invoiced.

🏆 LOI Subscriber #TBD

Market movers

Shares in Lynas Rare Earths surged to a 14-year high after announcing a strategic partnership with US firm Noveon Magnetics. The deal will support the development of a rare earth magnet supply chain in the US, to service both the US Defence Department and commercial clients. The rally also came as China tightened export restrictions on rare earth processing technology. Shares in Lynas have now tripled in 2025.

The quick sync

• Solo founder Alisa Wu raised $2m in 36 hours without a team or product, as investors backed her plan to solve a critical AI data gap. (Capital Brief)

• The Australian Writers’ Guild joined global calls for OpenAI to stop making copyright holders opt out of Sora 2 training data, labelling the practice mass theft. (Capital Brief)

• AI’s growing efficiency is eroding the friction that once made exploration, discovery and personal taste deeply human, Elli Hanson writes. (Capital Brief)

• Justice Simon Steward says directors could soon face litigation if corporate activism fails to align with shareholder interests. (Capital Brief)

• Offtakes let corporates commit to buying from startups once production begins, bridging the gap from lab breakthroughs to scale, Phil Morle writes. (Capital Brief)

Trading floor

M&A

• ACCC okays Elders’ $475m Delta Agribusiness buy after WA store sales to resolve competition issues. (Capital Brief)

• UniSuper, IFM boost Adelaide Airport stakes amid strong sector M&A. (AFR)

• O’Connor Beef on market for about $100m; JBS and Minerva seen as potential buyers. (The Australian)

• Ford delays Liontown lithium supply deal to 2029 amid EV slowdown. (AFR)

• MinRes hires JPMorgan to explore lithium asset sales amid $5.4b debt pressure. (AFR)

• Lloyds takes full control of Schroders Personal Wealth, rebranding it Lloyds Wealth. (Capital Brief)

• Hadrian sells $688m Capstone Copper stake at 6.7% discount after 45% rally. (The Australian)(AFR)

• Affinda buys Pathfindr for $15m to expand AI operations. (AFR)

• Novo Nordisk to buy Akero for $5b to expand into liver disease treatments. (Capital Brief)

• Carbar buys HelloCars from Loopit, expanding in car subscription market. (Startup Daily)

• 1Password founders sell $114.5m stake to Halo Fund at $6.8b valuation. (Capital Brief)

Capital Markets

• Guzman y Gomez’s Q1 sales rose 18.6% to $330.6m, with a $100m buyback to fund global growth. (Capital Brief)

• Netwealth’s FUA jumped 26.6% to $120.8b on record $4.1b net inflows and market gains. (Capital Brief)

• Carma plans $70m IPO, targeting $300–$400m valuation to become Australia’s Carvana. (The Australian)

• REA Group’s Q1 buy listings fell 8%, but full-year volumes seen steady amid strong housing demand. (Capital Brief)

• St George Mining raises $40m for Brazil niobium project after 475% rally. (AFR)

• Liontown defers Ford repayments to 2026 and halves lithium deliveries to boost liquidity and sales flexibility. (Capital Brief)

• Blackpearl raises NZD15.1m ahead of ASX dual listing. (Startup Daily)

• Lederer disputes ECF’s valuation claims, seeks forensic review after $0.70 bid rejected. (Capital Brief)

• PEP cuts Equiniti value, expects just $157m recovery amid UK regulatory uncertainty. (AFR)

• Saluda upsizes IPO to USD200m and seeks extra advisers ahead of $1b ASX listing. (The Australian)

• SunCable hails Australia-Singapore electricity trade deal as key step for $40b project. (Capital Brief)

• NEO launches $30m pre-IPO raise via Bell Potter to fund new data centres. (AFR)

• Copper miners jump after Teck cuts Chile output, lifting prices on supply fears. (Capital Brief)

• BIS shifts from coal to gold and iron ore as Carlyle, Varde eye exit. (The Australian)

• Rare earth stocks rise as China tightens export controls on rare earth tech. (Capital Brief)

• Blavatnik injects $891m into loss-making sports streamer Dazn. (AFR)

• TSMC Q3 sales jump 30% to NT$990b, beating forecasts on AI demand. (Capital Brief)

• Auction house Grays enters administration after acquisition. (Smart Company)

• NHTSA probes 3M Tesla cars for traffic violations under Full Self-Driving system. (Capital Brief)

• Ferrari shares plunge as 2030 EV target cut to 20% and outlook disappoints. (Capital Brief)

• Nuno Matos will present ANZ’s long-awaited strategy next week, hoping to win investor support as major cuts and internal upheaval continue. (Capital Brief)

VC 

• Melbourne startup Matrak opens UK office to meet rising European construction demand. (Capital Brief)

• Legal tech start-up Nexl hits $100m valuation after $35m Silicon Valley investment. (AFR)

• Solo founder Alisa Wu raises $2m in 36 hours for AI startup Lucent without a team or product. (Capital Brief)

People moves

• Ex-KWM partner Luke Woodward appointed ACCC commissioner for five years. (Capital Brief)

• APRA bans Xinja founders Eric Wilson and Craig Swanger from banking for a decade over faulty capital deals. (Startup Daily)

• ANZ CEO Nuno Matos appoints new risk, tech, and retail chiefs in C-suite shake-up. (Capital Brief)

• Ainsworth CEO Harald Neumann’s position is under review after Nevada licence withdrawal. (AFR)

• Billabong founder Gordon Merchant wins High Court appeal bid in $50m ATO tax fight. (Capital Brief)

• Ex-Optus CEO Kelly Bayer Rosmarin re-elected to REA board, marking her return with focus on digital and crisis management skills. (AFR)

The watercooler