Paterson Ord’s buys Terrain broking arm

Paterson Ord Minnett has purchased Terrain Australia's stockbroking unit. Paterson and Terrain will merge their Perth and Melbourne operations, and Paterson will take over all of Terrain's Sydney, Adelaide, Mornington and Gosford offices. Terrain chairman Michael Ramsden said the company had decided to concentrate on its mortgage broking activities. Patersons said it would now have 135 financial advisers across four states in nine offices.