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Macquarie Banker Low Quits to Pursue New Opportunity, Replaced by Caronia

Macquarie Group Ltd.’s Andrew Low, chief operating officer of the Australian company’s investment banking division, quit to pursue a new business opportunity, according to a note sent to employees.

Len Caronia, head of Macquarie’s North American financial institutions group, will succeed Low as global head of that division, the memo said. Low will remain a consultant to Macquarie Capital, according to the note, a copy of which was obtained by Bloomberg News.

The departure follows that of Jim Rossman, the U.S. equity capital markets chief who quit last week, and David Baron, Macquarie’s head of U.S. financial sponsors coverage. The Sydney-based bank, which expanded its advisory business last year buying Fox-Pitt Kelton Cochran Caronia Waller LLC, said in April that turnover among directors had climbed.

Low ran Macquarie Capital in Asia for six years until 2009 and was seen as the deputy to global investment banking chief Michael Carapiet, according to the Australian newspaper, which reported Low’s departure earlier today. He left to start an Asia-Pacific financial-services company, the newspaper said.

Fiona Tyndall, a spokeswoman for Macquarie, declined to comment. Macquarie today fell 3.1 percent to A$42.67 in Sydney trading. The benchmark S&P/ASX 200 index dropped 1.6 percent.

To contact the reporter on this story: Angus Whitley in Sydney at awhitley1@bloomberg.net

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