Barclays increases investment in Barrenjoey
Barclays has increased its shareholding in Barrenjoey Capital Partners from 9.9% to 18.2% by way of subscribing for $75 million of new capital.
In September 2020, Barclays invested $45 million in Barrenjoey for a 9.99% economic interest and a 4.99% voting interest.
Barclays said it was strengthening its strategic partnership by providing additional regulatory capital to support the growth in Barrenjoey’s markets business, including the establishment of its fixed income, derivatives and equity financing platforms.
Barrenjoey was also backed by Magellan as a foundation investor which had around a 40% share in the firm.
Paul Compton, global head of corporate and investment banking and president of Barclays Bank PLC, said: “We are delighted to have the opportunity to increase our shareholding with Barrenjoey.
“Since our foundation investment in September 2020, Barrenjoey management has delivered on their plans and we have a strong working relationship across our respective platforms. Providing global solutions and products to the Australian client base is at the core of our strategic partnership and this investment will only strengthen it further.”
Barrenjoey chief executive, Brian Benari, said: “Our strategic partnership with Barclays has been instrumental to our early success, leveraging their global investment banking and securities franchises and balance sheet.
“Importantly, given the rapid growth of our markets business and the launch of our fixed income derivative and equity financing businesses, Barclays’ investment further reinforces our joint commitment to support our Australian and global client base.”
Recommended for you
Over 90 finalists have been chosen to compete at the 36th annual Fund Manager of the Year Awards, to be held in Sydney on 13 June.
Clients may be asking their adviser whether there is still value in the US technology names after their rally, but Fidelity International’s Lukasz de Pourbaix believes they can still offer upside.
T. Rowe Price has moved overweight on global equities in its multiasset funds and appointed a chief operating officer for Asia-Pacific.
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
