JPMorgan continues long retreat from NZ

By PAUL PANCKHURST

Global investment banker and sharebroker JPMorgan has taken another step in its long retreat from the New Zealand market.

The company said yesterday that "an alliance" would see local broker Forsyth Barr handle its institutional sharebroking business in this market.

JPMorgan will retain a small investment banking presence in Auckland, headed by Tony Pigou.

One estimate puts the firm's share of NZ sharemarket turnover at 3 to 4 per cent.

Over the past two years, with global financial markets in a slump, JPMorgan has progressively reduced its presence here.

The job prospects for three institutional broking staff are unclear.

Forsyth Barr managing director Neil Paviour-Smith said the alliance combined JPMorgan's global reach and his firm's local know-how.