The Monthly Recap - October

October kicked off with expectations of a rate hold from RBA and the $2b Clarus sale to Brookfield, setting the stage for a busier month. Bank earnings season is here, and Wall Street’s leaders are scrambling to outdo each other. Meanwhile, a flurry of deals is underway, with more set to close, offering a glimmer of momentum heading into the final stretch of the year. This report outlines select M&A deals, general market activity and significant news amongst private equity, investment banking & debt markets. We also include a short section on recent notable market movers.

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M&A

· Morgan Stanley Infrastructure Partners poised to acquire $1b Queensland Waste Giant, BMI Resource Recovery (AFR).

· UniSuper and IFM increase stakes in $4b Adelaide Airport deal, acquiring Igneo’s 15% holding (AFR).

· Pepper Money set to acquire Westpac’s $30b RAMS Loan Portfolio in major non-bank deal (AFR).

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Other Activity

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· Sydney’s Saluda Medical gears up for $1b listing after strong US growth (AFR).

· IFM shuts PE unit amid struggle to scale in $4.3t super system (AFR).

· Roc Partners explore the $1b sale of Pace Farm amid Food Fund II push (AFR).

· Regal Funds marks 10 years, closes small companies fund after $1b in commitments (AFR).

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Investment Banking & Debt Markets

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· Macquarie overtakes wall street rivals in 2025 M&A rankings after Santos deal collapse (AFR).

· Quadrant refinances $600m debt for QMS Media before kicking off exit preparations (AFR).

· Macquarie to cut smaller fund managers from $164b wealth platform amid backlash (AFR).

· Morgan Stanley predicts wave of consolidation in global asset management, with Macquarie, Challenger, GQG leading the push (The Australian).

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Notable Market Movers

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There have been plenty of Notable Market Movers in October including:

· RBC hires former E&P head of technology Angus Buckley (AFR).

· Tom Bodor departs UBS after six years to lead Jarden’s real estate research (AFR).

· Rest Super’s Simon Esposito joins CVC Capital Partners as MD (AFR).

· Steven Marchio joins RBC from E&P as head of Melbourne Sales (AFR).

· Ex – Bank of Melbourne CEO Scott Tanner joins KordaMentha’s financial services consulting team (AFR).

· Mining analyst Al Harvey leaves JP Morgan for rival UBS (AFR).

· Jarden’s head of technology, Bryce Thompson departs for ReadyTech CFO role (AFR).

· BofA hires Citi’s head of metals and mining research, Kate McCutcheon (The Australian).

· Alexi Hastings joins Morgan Stanley to oversee TMT sector coverage (AFR).

· Tanarra Capital’s Vidhur Rangaswamy exits the firm after nine years, Eka Nirapathpongporn takes over (AFR).

· CSL’s head of investor relations, Chris Cooper set to join JPMorgan (The Australian).

· Ord Minnett MD Gavan Carroll tipped to join E&P Capital (AFR).

· Scott Kelly returns to sell-side, joins Jarden’s equity sales team in Brisbane (AFR).

· Allegro loses three senior MDs - Jeffrey Largier, Jeremy Trouncer and Chris Koeck set to leave the$5b firm by early 2026 (AFR).

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