Lehman buys Grange Securities

Lehman Brothers has bought Australian investment bank Grange Securities. Lehman says it will not disclose the terms of the deal although it is thought to be close to US$100 dollars.

Grange is one of the largest issuers of synthetic collateralised debt obligations (CDOs) in the Australian retail structured products markets. One of the most successful products in the Australian structured products market was Grange’s Flinders floating-rate notes released in 2005. Sales of the note topped AUS$100 million.

Lehman is believed to be using the acquisition of Grange to build up its credit and fixed income offerings throughout the Asia Pacific region.

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