Macquarie Capital's Andrew Low Quits to Start Business, Australian Says

Macquarie Group Ltd.’s Andrew Low, chief operating officer of the investment banking division, quit to start his own business, the Australian newspaper reported, citing an internal memo to employees.

Low, who will begin an Asia-Pacific financial-services company, will remain as a consultant to Macquarie Capital, according to the newspaper, which cited a memo from Michael Carapiet, the global head of investment banking.

Low’s departure follows those 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 with acquisitions including Fox-Pitt Kelton Cochran Caronia Waller LLC last year, said in April that staff turnover among directors had climbed.

Low, who ran Macquarie Capital in Asia for six years until 2009, was seen as Carapiet’s deputy, the Australian newspaper reported. Fiona Tyndall, a spokeswoman for Macquarie, the country’s largest investment bank, 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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