M&A in the broking sector: Euroz (EZL) buys Blackswan: We like the fact that it has always been profitable, same as us . . . and when we got into the numbers it was pretty obvious they were a good outfit, Euroz executive chairman Andrew McKenzie said. They're old-fashioned brokers, much like us, focused on clients and quality deals. Mr McKenzie said Blackswan boasted a strong private client and portfolio administration business, with $1.4 billion under advice for high net-worth WA investors. The combined group, to be consolidated into Euroz's offices in the Alluvion building, would generate cost savings but he emphasised both were already lean businesses and the tie-up was more about chasing revenue. Blackswan chairman and co-founder Tim Lyons said the merged group made for a more complete business which would be better placed to take advantage of the inevitable recovery in WA emerging stocks: (VIEW LINK)



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