Good morning,

A bitter falling out between Ord Minnett and former first-rate adviser Faye Longmuir has offered a rare glimpse inside the messy world of stockbroking.

Longmuir was sacked by Ords in mid-September amid a wave of departures and soon popped up at rival Canaccord Genuity.

Ords sought an injunction in October in a bid to restrain Longmuir from allegedly soliciting its clients – which the court granted in a limited capacity last week.

In his reasoning, Federal Court judge Darren Jackson laid out the evidence.

Ords alleged Longmuir had stood up in the firm’s Perth open-plan office and said something to the effect of “I’m going to Canaccord. Who wants to come with me?” Longmuir disputes this telling, but admits she said something like “Everyone seems to be moving to Canaccord, maybe we should too”. That would have made for some good water-cooler chat.

It appears the relationship reached breaking point after Longmuir allegedly emailed a spreadsheet containing the private details of 85 clients to her personal email address. She was let go a week or so later.

It’s crystal clear Longmuir has a very close relationship with her clients, some of whom have been with her since her Macquarie Group days, with one going so far as to say “you are like my daughter”. The court was given evidence that of the 90 clients Longmuir worked with, 17 have terminated their engagement with Ords. That’s loyalty.

Happy reading,

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Macquarie’s banking and financial services unit has around 3800 people servicing 1.8 million clients. The unit accounted for 12 per cent of the group’s net profit in financial year 2023.

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