Shares in Yellow Brick Road Holdings Limited
(ASX:YBR) jumped yesterday on news Australia’s largest investment bank, Macquarie Group Limited
(ASX:MQG), has taken an 8.3 per cent interest in the Mark Bouris-led financial services group.
Yellow Brick Road says it plans to accelerate growth initiatives after raising $7 million through a private placement of shares, priced at $0.40 per share, and largely taken up by Macquarie Group.
The news comes in the same week Commonwealth Bank of Australia
(ASX:CBA) took a controlling stake in Aussie Home Loans and one month after Yellow Brick Road announced a tie-up with Macquarie to take on the big four banks in the mortgage market.
Under the initial deal Yellow Brick Road and Macquarie will develop branded banking and wealth management product and services including the terms of a new mortgage funding and distribution arrangement.
Shares in Yellow Brick Road Holdings jumped almost 13 per cent on Thursday, closing at $0.485.
Yellow Brick Road Holdings reported a net loss of $6.8 million in the 2012 financial year.
