A wave of senior bankers is leaving the majors for independent advisory boutiques, as a rebuilding M&A pipeline gives corporate Australia's dealmakers more places to take their client relationships.
At least four managing director-level exits from the big investment banks have been recorded across Sydney and Melbourne in the past quarter, with departures concentrated in resources, infrastructure and consumer coverage teams.
“Clients want continuity and conflict-free advice, and increasingly they're willing to follow the banker rather than the balance sheet,” said one Sydney-based recruiter who has placed several of the moves.
The shift mirrors a broader trend of talent fragmenting away from full-service institutions, with boutiques now advising on a growing share of sub-$2 billion transactions that were once the preserve of the majors.