☕️Trophy Poaching

Goldman Sachs escalates talent wars with Citi poach.

March 26, 2025

Good morning.

The latest executive shuffle has seen the vampire squid lure long-time Citi banking analyst Brendan Sproules into its ranks, reports Capital Brief. Goldman Sachs has found itself the victim of a number of raids by Jefferies over the past 12 months, as the firms’ rivalry increasingly brings Wall Street-esque headhunting (and its associated pay-packets) to local shores.

ASX as at market close. Commodities and crypto in USD.

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Market movers

James Hardie copped another market whack after Macquarie slammed the building materials group’s $14 billion AZEK acquisition as value-destroying.

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The quick sync

  • Blackstone slams super fund rules for shutting out Aussie investors from private equity’s most profitable deals. (Capital Brief)

  • EVP investors in limbo over StrongRoom AI payout just days after the firm called in police. (Capital Brief)

  • Trump's name is missing, but his shadow shapes a budget built to harden Australia against trade wars and a fractured world economy that Jim Chalmers insists the nation can navigate. (Capital Brief)(Capital Brief)

  • IAG scrambles to stall $7b Greensill showdown as creditors close in and reinsurance secrets loom. (AFR)

  • Endeavour’s new boss Ari Mervis is ripping into the underperforming liquor and hotels empire, with a full break-up now on the table. (AFR)

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Trading floor

M&A

  • Winc is up for sale, with Goldman Sachs and Gresham Partners running the auction for owner Platinum Equity. (AFR)

  • Apollo Global Management eyes InfraBuild for a potential discounted acquisition as its parent company, GFG Alliance, faces financial troubles linked to the collapse of Whyalla steelworks. (The Australian)

  • Stonepeak is in talks to acquire Kinetic’s Australia-New Zealand bus operations, part of a broader $4b-plus sale process that has been ongoing for over a year. (AFR)

Capital Markets

  • Trump officials mistakenly shared classified war plans in a Signal chat with a journalist. (Capital Brief)

  • Ampol faces $35m in cyclone damages at Lytton, with partial insurance recovery. (Capital Brief)

  • Sprintex launches $3m capital raise with Alpine Capital backing. (AFR)

  • Protecht lands $446m from PSG Equity for AI risk management growth. (Capital Brief)

  • Nickel Industries forecasts 20% earnings growth despite flood disruptions. (Capital Brief)

  • Qantas will launch its ultra long-haul "Project Sunrise" flights in early 2027, offering direct Sydney-London and Sydney-New York routes, despite previous delays. (FT)

  • Koala is preparing for an IPO roadshow, aiming to raise around $100m at a $500m valuation, with CEO Dany Milham leading the pitch. (AFR)

  • Allegro Energy secured a US patent for its micro-emulsion electrolyte technology, which enhances battery safety, cost, and scalability. (Capital Brief)

  • Iress denies breaching its contract with ESSSuper, instead accusing the fund of negligence in an ongoing legal dispute. (Capital Brief)

  • PwC settles multimillion-dollar case with ex-partner Paul McNab over leaked tax info. (AFR)

  • Slater and Gordon referred an investigation to police after a malicious email, likely sent by a former employee, targeted staff but did not compromise client data. (Capital Brief)

  • Xiaomi and BYD’s multibillion-dollar share sales fuel Hong Kong’s biggest stock offerings since 2021. (Bloomberg)

  • Chalmers announces $17b in tax cuts as debt exceeds $1t. (Capital Brief)

  • BlackRock leads PsiQuantum’s $750m raise for quantum chip development. (Capital Brief) (Reuters)

  • India is considering cutting tariffs on over half of US imports to soften the impact of Trump’s upcoming reciprocal tariffs, which could affect 87% of its US exports. (Capital Brief) (Reuters)

  • Trump-linked VA job cuts memo sparks surge in Reddit discussions. (AFR)

  • UK FCA to ease financial regulations, focus on growth and fraud prevention. (Capital Brief)

  • Super funds miss out on private equity secondaries due to regulations. (Capital Brief)

VC

  • 2025 budget offers little support for startups, with only $3.4m allocated for First Nations women entrepreneurs. (Smart Company)

People moves

  • Goldman Sachs has hired Citi analyst Brendan Sproules amid a wave of high-profile investment banking talent moves in Australia. (Capital Brief)

  • Ord Minnett continues hiring spree, poaching senior adviser Ross Love after targeting Perpetual Private. (AFR)

☝️ Know about a deal or people move we don’t? Hit reply.

The watercooler