Paul Compton, President of Barclays Bank PLC, said: “We see Australia as an attractive and important financial services market. "But we could build in other partnerships and potentially other asset classes and other things we might look at over time which may work in a partnership model with people that we know, like and trust. Follow updates here. An investment banking-style joint venture will ensue, with Magellan Financial putting up $90m in cash and 1.2m in shares for a 40% economic interest. Barrenjoey has brought on a number of big names in the industry since it was established earlier this year. Barclays has agreed to invest A$45 million (c.£25 million) in Barrenjoey for a 9.99% economic interest and a 4.99% voting interest. Barrenjoey's signings come after months of speculation that the new firm was set to raid UBS to build out its team. Mr Cairns will take a seat on the Barrenjoey board, and Magellan will acquire a 40 per cent ownership interest and 4.99 per cent voting interest for $90 million and the issuance of 1.2 million shares worth $65 million. Magellan Financial Group ((MFG)) is expanding its options with a strategic investment in a new Australian financial services business, Barrenjoey Capital Partners. Louie Douvis. The head of Australia's newest investment bank, Barrenjoey Capital's Brian Benari, hopes to emulate success stories such as Bankers Trust and Macquarie … The Barrenjoey investment banking idea emerged from a brainstorming session over a dinner hosted by billionaire fund manager Hamish Douglass at his home in Sydney. In addition to poaching a bunch of UBS equities operatives, Barrenjoey has also picked off some of the Swiss bank's top investment bankers. Barrenjoey Capital Partners brings together the right mix of intellectual grunt, capital strength and networking maestros to challenge UBS and Macquarie's decade-long dominance of … Barrenjoey est un quartier de la périphérie de Palm Beach (en), à l'extrémité nord du comté de Pittwater (en), en Nouvelle-Galles du Sud en Australie.. Additionally, former UBS investment bankers Matt Hanning and Chris Williams, along with John Cincotta from Deutsche Bank, are founding members. It is understood the business is being shopped to potential buyers with expectations of a valuation well north of $2 billion. | Barrenjoey is an Australian based full service financial services firm. Its investment comprises the issue of approximately 1.2 million Magellan shares and $90 million of cash, to take a 40% economic ownership interest in Barrenjoey… The Associated Press has declared victory for Democratic challenger Raphael Warnock over Republican incumbent Kelly Loeffler. Though he could not name six actionable ideas this early in the process, the combination meant "good things are likely to come out of this over time". Barrenjoey angling to set capital markets alight – The Australian Financial Review. Magellan will have no day-to-day operational involvement in Barrenjoey. Barrenjoey Capital will operate as a full-service investment bank, offering corporate and strategic advisory, equity and debt capital market underwritings, cash equities, research, prime brokerage, and traditional fixed income services to both domestic and international clients. Barrenjoey is led by former Challenger managing director Brian Bernari, who becomes chief executive, and former UBS executive chairman Guy Fowler who takes the role of chairman. Magellan, chaired by Hamish Douglass, will offer $90m in cash and 1.2 million Magellan shares to buy a 40 per cent stake in Barrenjoey, in a deal that puts Barrenjoey’s value at $450m. Monday's confirmation by way of market update from Magellan is the first time the global equities manager has acknowledged rumours in the market about the new venture. "This represents a very small part of our capital, it's a principal investment in our principal investment book and importantly we're not running it," Mr Cairns said. on. An investment banking-style joint venture will ensue, with Magellan Financial putting up $90m in cash and 1.2m in shares for a 40% economic interest. Barrenjoey boss and Bankers Trust alumnus Brian Benari says the newest investment bank on the block will succeed because of its throwback ownership model. "The question was really when Hamish and I started to talk about it, whether those sorts of things [the advantages of partnership culture and autonomy] could be engendered in an investment bank in which then we could have some optionality around the things that we do for a living. However, Magellan's duo have been critical in bringing Barrenjoey to life, as Mr Cairns explained. "Should Barrenjoey not gain the required level of traction across the Australian client base within 18 to 24 months, success without further investment will likely be hard to come by.". The newly launched investment bank nabbed the Australian market’s dominant block trader, George Kanaan, as widely expected, along with his … With Barrenjoey’s ambitions in the domestic market and our focus on cross-border business, we see this as a compelling strategic investment. Barrenjoey is an Australian based full service financial services firm. Barrenjoey Capital Ltd is an investment banking company based out of 58 Lyford Rd, London, United Kingdom. Mr Cairns said he and Mr Douglass had been presented with lots of deals in the past, but they were too far removed from their core focus. Over time, investment banking promises "a very very good return", and "optionality" in the eyes of Magellan chief executive Brett Cairns, who is putting up $15 [...] Read full article: Magellan throws its weight behind invest...→ #Barrenjoey Le phare actuel est le troisième à avoir été construit sur le cap et fut achevé en 1881. Barclays, acting as the company’s other foundation investor, has gained a 9.99% economic interest and a 4.99% voting interest in Barrenjoey’s in return for its investment. Key's one of the top sector bankers in the market, having steered NSW's poles and wires privatisations in recent years, overseeing Sydney Airport's $2 billion equity raising in August, steering negotiations around Snowy Hydro, advising Transurban and its partners when they bought a controlling stake in WestConnex and advising Wren House on its sale of a $2 billions take in TransGrid. A series of advertisements has been halted after Sourav Ganguly, the Indian cricket icon endorsing the product, suffered a heart attack. And we don't want to do that. Asked at August's full-year result briefing about reporting by The Australian Financial Review alluding to the project, Magellan chairman Hamish Douglass told analysts: "If we've got anything to say, you'll be the first to hear it. 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Having those sorts of things in our orbit, if you like, could be very, very important.". Over time, it promises a "very, very good return", and "optionality around what we might be able to do", Mr Cairns said, referring to possible partnerships. "I know people are thinking about what it does for the multiples and all these sorts of things; this is a relatively small investment from a balance sheet point of view.". Barrenjoey formally launched last month, with about 60 staff, the bulk of which were its inaugural leadership team and back office. Barclays Plc chief executive Jes Staley is personally committed to the success of Australia's newest investment bank, Barrenjoey Capital Partners. Magellan on Monday announced it had taken a 40 per cent stake in Barrenjoey Capital Partners, partnering with British banking giant Barclays, which took a 10 per cent stake in the new firm. Janie Barrett. The newly formed Barrenjoey Capital is headed by former top UBS Australia investment banking operatives, including Guy Fowler and has been on a major hiring spree ahead after launching this year. (PRESS RELEASE) LONDON, 21-Sep-2020 — /EuropaWire/ — British multinational investment bank and financial services company, Barclays to become a foundation investor in Barrenjoey Capital Partners (“Barrenjoey”), a newly-established Australia-based full-service financial services firm. The bank plans to provide … If infrastructure investors are buying businesses with government bus contracts, why not jump into contract-backed waste management groups? ", Mr Cairns said on Monday: "Hamish is not involved in running this and I'm only on the board.". Magellan also provides $50 million in working capital. "This is a very unusual alignment of the stars, in my opinion," he said. The growth private equity firm has emerged as a lead contender to acquire AUB Group’s stake in allied health business Altius Group. Sources said the UBS bankers were likely to be followed to Barrenjoey by a bunch of other recruits, including senior and junior team members. Sharkey's been heavily involved in raising billions of dollars for banks, governments and Australian corporates. In addition to poaching a bunch of UBS equities operatives, Barrenjoey has also picked off some of the Swiss bank's top investment … Barrenjoey is led by former Challenger managing director Brian Bernari, who becomes chief executive, and former UBS executive chairman Guy Fowler who takes the role of chairman. In addition to thisinvestment, Barclays has . British bank Barclays has entered into a co-operation agreement with Barrenjoey to offer all its investment banking services, including balance sheet funding. Barrenjoey | 220 followers on LinkedIn. Ex-UBS investment bankers Matt Hanning and Chris Williams are founding partners as well as John Cincotta, a former Deutsche Bank executive. Published. (PRESS RELEASE) LONDON, 21-Sep-2020 — /EuropaWire/ — British multinational investment bank and financial services company, Barclays to become a foundation investor in Barrenjoey Capital Partners (“Barrenjoey”), a newly-established Australia-based full-service financial services firm. Ex-UBS investment bankers Matt Hanning and Chris Williams are founding partners as well as John Cincotta, a former Deutsche Bank executive. Magellan chief executive Brett Cairns will have a board seat at Barrenjoey: "This is a very unusual alignment of the stars, in my opinion." It was a productive long weekend for Barrenjoey Capital! Barclays Bank president Paul Compton said: “We see Australia as an attractive and important financial services market. Magellan Financial Group ((MFG)) is expanding its options with a strategic investment in a new Australian financial services business, Barrenjoey Capital Partners. Their other former boss, Matthew Grounds, is expected to also start at Barrenjoey early next year. Bank growth in Singapore is described as an under-the-radar shift aimed at reducing staffing levels in Hong Kong while avoiding angering the Chinese government. Key's right hand man, UBS executive director Darren Tan, is also understood to be headed to Barrenjoey. @theCoalFace. The business will also cover derivatives and fixed income. September 21, 2020. "It's not a Magellan investment bank, if I can put it that way.". Sources said Barrenjoey had also picked up UBS debt capital markets head Barry Sharkey, who was one of a select handful of UBS bankers that Matthew Grounds and Guy Fowler had included in the infamous "Kangaroo deal" almost a decade ago. Sign up to the Street Talk First Look newsletter. “With Barrenjoey’s ambitions in the domestic market and our focus on cross-border business, we see this as a compelling strategic investment. BHP … Scott Morrison will convene national cabinet on Friday to discuss stronger protections against the highly infectious UK variant; WA is investigating a possible PPE breach after a paramedic was infected. The nation’s newest investment bank, Barrenjoey Capital Partners, looks set to make a string of new hires over the coming months lured by the offer of equity in the firm and the backing of funds management powerhouse Magellan Financial Group and British banking giant Barclays, which have seeded it with more than $200m of capital.