Adviser celebrates 50 year association with stockbroking

16 February 2006

Adelaide-based Macquarie Financial Services Private Client Equities Adviser, Peter Gun, recently celebrated a 50-year association with the stockbroking industry.

Macquarie Financial Services’ South Australian State Manager, Lynton Sallis, said the milestone was an outstanding achievement.

“Fifty years in any industry is a remarkable contribution,” Mr Sallis said.

“Given the immense change in the stockbroking industry during that time, his achievement is all the more extraordinary.

“We certainly value the depth of experience that guides Peter’s advice to his clients on a day-to-day basis.”

The Glenelg North resident started his financial career in January 1956 as a junior clerk with Gurner & McArthur in Adelaide, before moving to Sydney with Ord & Minnett in 1961.

In 1964, Peter bought the late Harold Sprod’s seat on The Adelaide Stock Exchange and went into partnership with his son, Nevill Sprod until 1973.

With the exception of a stint as a country correspondent for both Phillips Henderson Ward (Adelaide) and Eric J Morgan & Company (Melbourne), Mr Gun has remained at the coalface of stockbroking throughout his career.

He joined Macquarie as a Private Client Equities Adviser in 2001.

Mr Gun, 66, said it was the dynamic and exciting nature of stockbroking that has kept him in the industry for so long.

“I’m not planning on retiring, I hope I get carted out feet-first,” Mr Gun said.

“It is an exciting occupation. Stockbroking, if it ever does get dull or boring, it doesn’t stay that way for long.

“It is a pleasure to come into work in the morning.”

Mr Gun said the highlights of his time in the industry included the sustained economic growth of the late 1950s, the Western Mining nickel discovery at Kambalda and the ensuing resources boom of 1967 when BHP and Esso struck oil in Bass Strait, and the current buoyant market conditions.

“We are now seeing an equally exciting time in the market. There is the sustained resources boom, similar to that of 40 years’ ago, driven by the insatiable Chinese demand for iron ore, nickel, lead and zinc,” Mr Gun said.

“The surge in demand during the 1960’s was driven by the huge economic expansion which took place in the Japanese economy. The China story looks very similar but is probably a lot larger than that of Japan.

“We are also seeing the price of gold more than doubling during a few short years which is being caused by the decline in the $US, the constant threat of terrorist activities, the reported Central Bank buying from countries as diverse as The Argentine and Russia

“The continuous printing of fiat (or paper money) has assisted in this flight to quality and will probably see the yellow metal exceed it’s historical high of $US850 per ounce which was achieved some 26 years ago.

“This is the most sustained period of economic growth that I have seen in 50 years’ in the industry and it is exciting to still be here to be part of it.”

Mr Gun rates the introduction of CHESS electronic clearing house and the SEATS trading system as being the most important technological changes to the industry during his 50 years.

For further information please telephone:

Belinda Lawton
Public Relations
Macquarie Financial Services Group
Tel: (02) 8232 3835
Mobile: 0409 305 000