So what will he do when his corporate handcuffs are removed? It seems unlikely he’ll settle for board positions given he is still short of 50 and unlikely to be very good at being semi-retired.
Grounds, as revealed by this column yesterday morning before the bank announced his departure, had been telling friends he wanted to move on and pursue new challenges.
People close to Grounds, including some of those aforementioned friends, predict he could set up his own boutique shop with time-rich former colleagues such as Guy Fowler.
Grounds was at pains to say yesterday that this was not on the cards.
Nevertheless, it’s a well-trodden and path taken by the likes of John Wylie and Simon Mordant.
Mackay, of course, went in a different direction.
He set up the wildly successful Magellan Financial Group with former UBS colleague Hamish Douglass. Magellan is funds management group, but there is speculation it could expand to corporate advisory work, presenting an opportunity for Grounds.
Sources close to Magellean dismissed the idea as rubbish, telling this column that “if they wanted to get into that line of work, they would have done it already”.
But if you’d said a decade ago Magellan would end up with $87 billion under management and pick up the sponsorship of the Ashes, people would probably have also said you were crazy.
MORE CHIFLEY CHANGES
If Grounds does re-enter the world of investment banking after leaving UBS it won’t be great news for his replacements Anthony Sweetman and Nick Hughes.
In the meantime, there’s plenty to keep Grounds busy including chairing the Victor Chang Cardiac Research Institute and sitting on the University of New South Wales Council and Juvenile Diabetes Research Foundation advisory board.
Meanwhile, amid the slash-and-burn at Deutsche Bank’s local division and Jefferies’ raid on CLSA’s equities business, a few other UBS operators have slipped away on the quiet.
The Swiss bank’s long-time head of Australian real estate equities research Kim Wright, who went on to become the Hong Kong-based head of Asian real estate, has left for the Canadian pension fund outfit CPPIB as head of public real estate investing.
And Patrick Barrett, the bank’s Australian real estate investment trust portfolio manager, has also departed. He’s off to Winston Sammut’s listed securities team at Charter Hall.
A MELBOURNE EAGLE
In six months’ time, US golf star Tiger Woods will touch down for the 2019 President’s Cup, the biennial golf tournament between international all-stars and an American squad.
The Cup returns to Australia for the third time since its inception in 1994.
The first Australian edition was held in 1998. In 2011, the tournament coincided with a visit by Barack Obama, although minders kept him away as his schedule already included too many pleasant events in places like Hawaii and Bali.
Now the cup returns to the Royal Melbourne Golf Club on December 9.
And that brings us to a secret booking at another of Bleak City’s sandbelt courses.
The exclusive Metropolitan Golf Club is understood to have fielded a booking from the US PGA Tour for a date around the tournament.
No name has been attached, but the organisers behind the booking have told course managers they will confirm one day before the event who will be playing and what security is required.
PHOTIOS’ NEW HIRE
Over at Macquarie Street lobby shop PremierState, Liberal operative Michael Photios continues his hiring binge with plenty of work rolling in after the return of Premier Gladys Berejiklian (and, for that matter, Prime Minister Scott Morrison in Canberra).
In late May, Photios’ poached Arts Minister Don Harwin’s deputy chief-of-staff, Mark Jones.
Now there’s another arrival at PremierState’s MLC HQ, where the long client lists include everyone from AMP to infrastructure outfit Acciona and Justin Hemme’s Merivale empire.
Former UrbanGrowth public servant Antony Anisse will head PremierState’s new property team.
Between Anisse, once a TressCox lawyer, and current staffers Ian Hancock and Lachlan Crombie, previously with the Office of the Director of Public Prosecutions, they may as well start a law firm.
Anisse, however, left UrbanGrowth under a cloud of controversy.
He and former Granville MP Tony Issa had an interest in a primo property subject to potential rezoning. Ultimately, it was snapped up by Anisse’s dad who made a one-day profit of $1.3 million.
Just another day in the annals of Sydney development.
Kylar Loussikian is The Sydney Morning Herald’s CBD columnist.
Samantha is the The Age’s CBD columnist. She recently covered Victorian and NSW politics and business for News Corp, and previously worked for the Australian Financial Review.