Jan. 15 (Bloomberg) -- Macquarie Group Ltd. named Justin Mannolini as an executive director of its investment banking unit in Perth to strengthen its Western Australia operations as China’s economy rebounds and metals rally.
Mannolini was previously a managing director of Perth-based Gresham Advisory Partners and has worked for 19 years as a banker and lawyer, Macquarie, Australia’s largest investment bank, said in a statement today.
Perth became the epicenter of a resources boom as China began stepping up raw-materials purchases for its soaring economy about 10 years ago. Australian natural resources acquisitions increased to $8.4 billion last quarter, accounting for more than a third of deals in the country, according to data compiled by Bloomberg.
Iron ore prices have jumped 32 percent since Dec. 4 as the economy in China, the world’s biggest importer of the commodity, shows signs of improving. Growth in China probably accelerated for the first time in eight quarters in the three months ended December, according to Bloomberg News surveys of economists.
Perth is the capital of Western Australia, where 37 percent of companies listed on Australia’s stock exchange are based. Sydney-based Macquarie has had an office in the city for 20 years, and employs 130 staff in the state across banking, advisory and asset management, it said in the statement.
Bank of America Corp.’s Merrill Lynch unit and Zurich-based UBS AG are among international securities firms that set up offices in Perth in the last decade. Last year, Credit Suisse Group AG established permanent staff in its Perth office while Goldman Sachs Group Inc. and Deutsche Bank AG opened offices in the city.
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