Merchant merges with Somers

Financial services firm Merchant Group has announced plans to merge with investment bank and funds manager Somers & Partners.

The combined entity will operate under the name Merchant Group and remain headquartered in Perth, with offices in Sydney, Melbourne and Hong Kong.

The merger will create an independent investment bank and funds management business focused on the resources, technology and industrials sectors.

Merchant has 10 staff in Western Australia, while Somers employs three full-time staff, according to the BNiQ Search Engine.

“This combination will increase the range of services and assistance we can provide to the growth of companies we work with and bring valuable additional investment and wealth creation opportunities to the Merchant Group and our client base,” Merchant managing director Andrew Chapman said.

Somers managing director Andrew Frazer said successful equity raisings needed like-minded people working together, and Merchant was an ideal partner.

“The combination will greatly enhance our capability and service offering to our clients,” he said.

Commercial terms of the merger were not disclosed.

The deal is expected to be completed by July 1.