Broker merger
PA Nelson Nelson’s only remaining sharebroking firm, M. G. Neale and Company, has been sold to Jarden Morgan N.Z. in another rationalisation of the broking industry. M. G. Neale principal, Mr Michael Neale said he had sought to merge with a larger firm since 1986 in order to upgrade his firm’s technology and enhance its service to about 9500 investors in Nelson, Marlborough, and the West Coast. Mr Neale will stay on as the manager of Jarden Morgan’s Nelson branch and the three other staff members will also retain their jobs.
The merger will take effect mid next week. Mr Neale is the third generation of the family to run the business of M. G. Neale, since it was founded in 1920. Commenting on the sale, he said the days of the independent provincial broker were limited. This was because of the fees and minimum capital requirements set by the New Zealand Stock Exchange. A limited liability sharebroking company had to have a minimum capital backing of $1 million, he added.
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Press, 8 March 1989, Page 40
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173Broker merger Press, 8 March 1989, Page 40
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