Australian merchant banker Seumas Dawes features in 2014 Sunday Times 1000 Rich List

Australian merchant banker Seumas Dawes features in 2014 Sunday Times 1000 Rich List
Australian merchant banker Seumas Dawes features in 2014 Sunday Times 1000 Rich List

Seumas Dawes, the London-based Australian merchant banker, sits in equal 739th place with a £124 million net worth on the latest Sunday Times Richest 1000 list. His net worth was up £34 million.

Dawes was in 859th place last year and 821st in the 2012 list. The list, now in its 26th year, was released on Sunday.

Dawes, currently the chairman of the investment committee at Pepper Investment Management, has been the long time senior funds manager at Ashmore, and before that at Paribas and ANX Investment.

It was previously reported that Dawes, 56, sold £17 million of Ashmore shares and retained a stake worth £75 million in 2006.

Dawes has also held a number of positions in the Australian public sector including three years as a senior advisor to Paul Keating, the then treasurer of Australia.

Last month, the non-bank lender Pepper raised the equivalent of $500 million through the sale of non-conforming residential mortgage-backed bonds, the largest deal of its kind since the financial crisis. Non-conforming loans are the Australian equivalent of sub-prime loans.

The Australian Financial Review reported that Pepper paid just 1.10 percentage points over the bank rate for the $136 million of AAA-rated A1 notes and 0.35 of a percentage point above the London interbank offered rate to place $US200 million of short-term notes with US and European money investors. Seven international and 14 domestic investors bought the bonds with low levels of Australian defaults supporting the sale of residential mortgage backed securities.

Property Observer reported in February last year that Dawes had poured some of his net worth into a serious Bronte acquisition.

The funds manager and his wife Rosemary initially spent $12.3 million for a large, modern three-storey residence in 2006.

Unquestionably one of the most expensive coastal suburbs in Sydney's east, the Bronte property sits along the exclusive strip known as The Cutting.

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It was a modern five-bedroom residence on the ocean side of Bronte Road overlooking the beach and ocean.

Then last year, the couple splashed out with the $16.5 million purchase of the neighbouring house (pictured below), which they're set to bulldoze to expand their garden and garaging in grounds prepared by Formed Gardens.

The new works, which include gym and cabana, improve the neighbouring contemporary houses's north eastern aspect. Apparently it's only going to cost $846,000, which will take the spend to $29.6 million.

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Dawes once had an abode in Potts Point's landmark complex, Wyldefel Gardens.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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