Magellan and Barclays back launch of new player – Barrenjoey
Both Magellan and Barclays have announced themselves as foundation investors in a new Australian-based full service financial services firm – Barrenjoey Capital Partners – which will be headed up by former Challenger boss, Brian Benari.
Magellan announced to the Australian Securities Exchange (ASX) today that Barrenjoey would provide corporate and strategic advisory, equity and debt capital market underwritings, cash equities, research, prime brokerage as well as traditional fixed income services to Australian and international clients.
It said the company would be led by Guy Fowles as executive chairman and Benari as chief executive with the other founding partners being John Cincotta, Matt Hanning and Chris Williams.
Barclays has been announced as a foundation investor and has entered into a co-operation agreement with Barrenjoey covering global product distribution, research, cross-border advisory and debt capital markets, as well as making available significant balance sheet capacity for Barrenjoey to support its clients.
Magellan said it had invested approximately 1.2 million Magellan shares and $90 million of cash to take a 40% economic ownership interest in Barrenjoey, with Barclays investment comprising $45 million with a 9.99% economic stake.
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