It is understood around 10 Jarden staff have jumped ship.
Among the departures were the firm’s co-head of investment banking Silvana Schenone and co-chief executive Reynolds.
Last month, Barrenjoey said it had hired two founders who would lead the business across Financial Markets and Corporate Finance, and is actively recruiting in New Zealand for key business and support roles.
“Barrenjoey New Zealand will be a locally led and managed business, creating a platform that will attract and reward the very best people so they can produce outstanding outcomes for clients,” Barrenjoey CEO Brian Benari said at the time.
Schenone, who is the former head of corporate law at MinterEllisonRuddWatts, has a long list of blue-chip clients to her name.
Jarden is also looking into the disclosure requirements of Schenone and Reynolds after the Australian Financial Review reported the pair had failed to disclose a personal relationship while working at the firm.
As it stands, there are five institutional brokers in New Zealand: Jarden, Craigs Investment Partners, Forsyth Barr, Macquarie Group and UBS.
Insiders have questioned whether there is room for six.
Earlier this week, Barrenjoey and Craigs Investment Partners said they had an agreement to establish long-term commercial arrangements between the businesses.
Jarden, founded by businessman and former All Black Ron Jarden in 1961, expanded aggressively into Australia in 2020, poaching top staff from competing firms along the way.
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