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.
Recommended for you
Higher interest rates could be on the cards for 2026 after monthly CPI inflation for October showed an increase of 3.8 per cent.
Global actively managed ETF assets hit a record high in October, according to independent research and consultancy firm ETFGI, breaking the record set the previous month.
Federation Asset Management has appointed an investment director and head of responsible investments to support ESG integration strategy across the firm.
Global X has announced the launch of its latest ETF, providing access to Japan’s largest companies under a low-cost structure.
