Macquarie Advisor Expected that Corporate Clients Would Follow Him to UBS

Two Maquarie Group advisers have been the subject of a successful injunction application by their former employer to interdict the flow of confidential corporate information to their new employer UBS, according to the Australian Financial Review. In yet another blow to UBS Australia, the company has employed two people whose potential revenue streams and workflows appear considerably lower than first thought.

As reported in the Review, the Supreme Court of New South Wales has granted an injunction in favour of Macquarie ordering Mark Minchin and Peter Simpson to provide to Macquaries lawyers within 7 days:

‘a memores ultra travel drive, any Sony storage media device and any Kingston USB device … [as well as] any personal computer belonging to either defendant.’

In addition, both defendants have been ordered not to work at UBS on client accounts which are the subject of the dispute. This begs the question; in the midst of the same financial crisis which caused UBS to sack graduates and cancel bonuses, what will Minchin and Simpson do?  Comments, theories and gossip welcome!