Macquarie Private Wealth advisers Leon Chiera and Sam Bridgwood have resigned from the investment bank, sources said on Friday.

Chiera joined Macquarie in 2000, while Bridgwood started the year before. Sources said the pair were among the biggest revenue writers at Macquarie Adelaide. 

While it is not known what Chiera and Bridgwood's next move is, it was suggested to this column that they may join advisory outfit AWM in the new year. 

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Wesfarmers sale of its Curragh coal mine in Queensland for $700 million is at the low end of valuations, Bank of America Merrill Lynch told clients on Friday.

"The outlook of coal prices remains uncertain and presents a volatile earnings stream for Wesfarmers which substantiates the exit," BAML analyst David Errington said in a research note.

"However, given recent high prices, we highlight the transaction will be earnings dilutive."

Errington has kept his "underperform" and $36 price target on Wesfarmers.

The conglomerate said it would book a $100 million after-tax profit on the sale to US producer Coronado Coal Group.

Wesfarmers will also get 25 per cent of Curragh's export revenue for the next two years generated on sales above a metallurgical coal price of $US145 a tonne. 

Coronado was advised by Ironstone Capital with the deal rounding out a solid 12 months for the boutique investment bank's founders Simon Keyser and Wayne Seabrook.

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Dark pool trading platform, Liquidnet, has become a local securities broker and a direct ASX market participant. 

The move will see Liquidnet operate in the Australian market without executing trades through a third-party broker. 

It will also facilitate quicker reporting on blocks for institutional investors, from a period of trade plus three days to trade plus one day.

Liquidnet Head of Australia, Murrough O'Brien said: "Due to the growth of our business and the increasing volume of trades, becoming a full ASX market participant is the natural next step in our evolution and commitment to our Australian members."

In Australia, Liquidnet has had $9.5 billion in principal traded this year, marking a record 12 month period since launching in Australia in 2008. 

Liquidnet has traded more than $US33 billion in principal in the Asia Pacific region, also representing the firm's strongest annual performance to date.

Liquidnet is an off-market or dark pool trading platform which connects 870 international asset managers across 45 markets.

 

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Bain Capital Credit has hired distressed debt and restructuring specialist Paul Kennedy from Macquarie, Street Talk understands. 

Kennedy was a division director in Macquarie's Corporate and Asset Finance (CAF) unit and joined the bank in 2013. 

Prior to that, he was an associate director at CHAMP Private Equity.

Kennedy will be based in Sydney and start at Bain in the new year. He's expected to report to country head Mitchell Stack and Hong Kong managing director Barnaby Lyons. 

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JPMorgan has kicked off a $1 billion residential mortgage backed security for non-bank lender Resimac. 

According to a term sheet, obtained by Street Talk, the issuance will be a "closed pool of fully amortising Australian dollar floating rate and fixed rate loans" to prime borrowers secured by Resimac mortgages.

JPMorgan is the arranger and sole lead manger.

The transaction is scheduled to settle on January 12.

Last year, ASX listed non-bank lender Homeloans and Resimac agreed to a merger that created a combined $13 billion portfolio in Australia's mortgage market.

 

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