ROB ROSE: Mazi Macquarie — analysis horribilis
The closure of Mazi Macquarie’s equities business isn’t just a blow to transformation, it’s another knife in the back of market transparency
Here’s a story about regulation, unintended consequences and the avoidable loss of one of the best teams of investment analysts in the country. Last week, brokerage Mazi Macquarie announced it would shut down its SA equities business, which means 55 people, including eight highly rated research analysts, would effectively be out on the street.
It’s a catastrophe for so many reasons that it’s hard to know where to start. First, it’s a setback for transformation, since Mazi Macquarie was one of the few black-owned brokerages around — 51% controlled by a consortium led by Mazi Capital and 49% by Australia’s Macquarie.