Our vision is to create a platform that attracts, liberates and rewards the very best people, so they can produce outstanding outcomes for our clients. Magellan Financial intends to diversify its options with an investment in Barrenjoey Capital Partners, although the near-term returns are expected to be minimal. Barrenjoey Capital's $10b war chest - The Australian Financial Review As a war for talent heats up, potential employees of Barrenjoey will be offered equity in the business as well as sign on carrots in the form of cash or shares in Magellan Financial Group or both. Providing corporate and strategic advisory services, as well as domestic equity and debt capital raising underwriting, prime brokerage, cash equities, and a conventional fixed income offering in Australia, Barrenjoey has also attracted a foundation investment from Australian fund management company Magellan Financial Group, which will acquire a 40% economic interest in Barrenjoey. By Eva Brocklehurst. Moreover, Credit Suisse believes concerns over a PE (price/earnings) de-rating because of the business mix are overdone and remains confident flows over the next 2-3 years should allow the company to maintain its current above-peer multiple. The dividend yield on FY21 and FY22 forecasts is 4.0% and 4.5%, respectively. Magellan shares have more than doubled over the past two years. Goldman Sachs, not one of the seven stockbrokers monitored daily on the FNArena database, has a Neutral rating and target of $53.77. Our staff will be afforded flexibility to support community and philanthropic pursuits and we will soon be establishing the Barrenjoey Foundation which will also support a range of Australian causes. Barrenjoey Capital Partners (“Barrenjoey”), a newly established Australian-based full-service financial services firm. Magellan announced today that it has become a foundation investor in Barrenjoey Capital Partners. BHP … 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.. Barclays Plc chief executive Jes Staley is personally committed to the success of Australia's newest investment bank, Barrenjoey Capital Partners. This story features MAGELLAN FINANCIAL GROUP LIMITED . The CEO will join the board but Magellan will have limited strategic involvement with only a 4.99% voting interest. Their business is recorded as Australian Proprietary Company, Limited By Shares.The Company's current operating status is Registered Easily find directions to Barrenjoey Dr in Canberra, ACT 2601 using Whereis®. Barclays today announced that it has signed an agreement to become a foundation investor in Barrenjoey Capital Partners (“Barrenjoey”), a newly-established Australia-based full-service financial services firm. Last updated: 06/10/20 ⚪ BARRENJOEY CAPITAL PARTNERS PTY LIMITED , Company number: 636973290. Barrenjoey is proudly Australian. No portion of this website may be reproduced, copied or in any way re-used without written permission from FNArena. BARRENJOEY CAPITAL PARTNERS GROUP HOLDINGS PTY LIMITED. Free and open company data on Australia company BARRENJOEY CAPITAL PARTNERS PTY LIMITED (company number 636973290), SYDNEY, New South Wales, 2000 4 months ago. If Magellan Financial could build a $10bn unlisted asset management business over the next five years this could add 10-15% to earnings, in the broker's calculations. We are committed to playing a positive role in the Australian community. For more info SHARE ANALYSIS: MFG. The broker also highlights key partners are industry veterans and the ability to offer equity ownership to staff may be a positive differentiator, in terms of attracting and retaining talent. 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. All subscribers should read our terms and conditions, click here, Weekly Top Ten News Stories – 15 January 2021, RESEARCH: Weebit Nano Valuation Update $4.75 Per Share, Material Matters: Mini-Cycle, Oil & Metals, Uranium Week: Uranium Supply Risk From Pandemic, ESG Focus: Climate Change Megatrend 3 – Fossil Fuels Part 2, Rudi’s View: My Concern And Conviction Calls, Why Will ESG Win Capitalism? Barrenjoey angling to set capital markets alight – The Australian Financial Review. Sally Gray Founding Principal, Executive Assistant to Group Chief Operating Officer at Barrenjoey Capital Partners Sydney, Australia 172 connections Barrenjoey Capital. Magellan Financial Group Limited announced that it is now a foundation investor in a newly launched Australian financial services firm, Barrenjoey Capital Partners.Some of the highlights include: Magellan has issued about 1.2 million shares and has given $90 million in cash to get 40% economic ownership interest in Barrenjoey. Asmita Kulkarni left the role of director, investment strategy group at FIIG to join the new venture established by former Challenger managing director Brian Benari. BY ELIZA BAVIN | THURSDAY, 12 NOV 2020 11:40AM. Morgan Stanley forecasts $441m in adjusted earnings in FY21, so agrees the joint venture is unlikely to materially diversify earnings in the near term. 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. Editor's Choice: Christian Super recognised for impact investing. While, the company has signalled the investment has attractive returns, Goldman Sachs points out no details were provided regarding the path to profitability. 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 newly-launched, Magellan-backed investment bank has added a head of credit risk from FIIG Securities. Outgoing ANZ chairman David Gonski is believed to be in line to take the position of independent chairman at the newly formed investment bank Barrenjoey Capital Partners. Australia’s newest investment bank, Barrenjoey Capital Partners, will provide services across a wide range of activities – corporate and strategic advisory, corporate finance (equity and debt capital market underwriting), equity cash sales and trading, and research. Barrenjoey is proudly Australian. The investment will lie within the principal investment division and Magellan will have no involvement in the day-to-day operations. From 1 April 2019, market participants are required to comply with ASIC Derivative Transaction (Reporting) Rules … Now we have our answer: Barrenjoey Capital Partners, whose foundation was confirmed in late September. Barrenjoey Capital will not be fully live until mid 2021 and a minimal earnings contribution is anticipated. Magellan Financial Group ( ( MFG )) is expanding its options with a strategic investment in a new Australian financial services business, Barrenjoey Capital Partners. On 21 September 2020, Magellan announced to have become a foundation investor in a newly established Australia-based financial services entity, Barrenjoey Capital Partners. Magellan Financial Group is expanding its options with a strategic investment in a new Australian financial services business, Barrenjoey Capital Partners. Credit Suisse calculates, while the investment could be -1% dilutive in a start-up break-even scenario, if it meets return hurdles for the principal investment business it should be 2% accretive, with a potential 4% in a more bullish scenario. -Attractive returns expected but no details on path to profitability-Should provide upside if Barrenjoey Capital becomes profitable-Unlikely to diversify earnings materially in the short term. Barclays has also entered into a Cooperation Agreement with Barrenjoey covering global product … A spokesperson from FIIG … Important notice close . The investment covers: AU$90 million of cash and issue of ~1.2 million MFG shares for a 40% economic ownership interest in Barrenjoey. -Should provide upside if Barrenjoey Capital becomes profitable-Unlikely to diversify earnings materially in the short term . on. Published. 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 … The business will also cover derivatives and fixed income. Barrenjoey Capital will be majority staff-owned, with Barclays also taking a stake (9.99%). Their business is recorded as Australian Proprietary Company, Limited By Shares.The Company's current operating status is Registered Barclays today announces that it has signed an agreement to become a foundation investor in Australia-based full-service financial services firm Barrenjoey Capital Partners. Meanwhile, Cincotta remains the sole director of a private company called Barrenjoey Capital Partners which is registered to the same offices. The $1.8 billion fund has been named the impact asset owner of the year at the Australian Impact Investment Awards. Le nom lui fut donné par Arthur Phillip le 2 mars 1788 et signifie wallaby en langage aborigène.. The investment is rather small as it represents only 1.5% of Magellan Financial's market capitalisation, although should provide upside if Barrenjoey Capital becomes a profitable operation. 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. 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 CAPITAL PTY LIMITED (ACN: 602506436) was incorporated on 24/10/2014 in Australia. Barrenjoey is a newly established Australian-based full-service financial services company. All Rights Reserved. Barrenjoey Capital will operate as a full-service investment bank, incorporating 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. This is particularly the case as the company had, throughout August, indicated it was not particularly interested in adding unlisted/alternative investment products. The inferred value of the firm, in Citi's assessment, is $450m. A star-studded line-up, including three ex-UBS Australia executives, will head up Barrenjoey Capital Partners. The CEO will join the board but Magellan will have limited strategic involvement with only a 4.99% voting interest. For Australian and international clients, it will provide corporate and strategic advice, equity and debt capital market underwritings, cash equities, research, prime brokerage and traditional fixed income services. The Barclays logo is owned by Barclays and is used by Barrenjoey under licence. Six ASX Companies Are Leading The Way. Barrenjoey is a newly established Australian-based full-service financial services business. No LEI number issued. See also, Magellan Financial Targets Low-Cost Demand on August 13, 2020. @theCoalFace. New Barclays-backed venture staffed by veterans of the Swiss firm. No LEI number issued. Magellan Financial Group ((MFG)) is expanding its options with a strategic investment in a new Australian financial services business, Barrenjoey Capital Partners. The broker believes it will be difficult for the company to return to ROE in excess of 55%, and considers Magellan one of the most expensive asset managers in the world on a 23x PE compared with pure advisory firms on 10-12x PE. Barrenjoey Capital will be majority staff-owned, with Barclays also taking a stake (9.99%). Barrenjoey is a locality in the suburb of Palm Beach, at the most northern tip of Pittwater.The headland is made up primarily of sandstones of the Newport Formation, the top third is a cap of Hawkesbury sandstone. Magellan Financial Group has one Buy rating (Credit Suisse) on the database, with four Hold and two Sell. Last updated: 06/10/20 . Barrenjoey will provide corporate and strategic advisory, equity and debt capital market underwritings, cash equities, research, prime brokerage as well as traditional fixed income servicesto Australian and international clients. Credit Suisse assesses potential expansion through Barrenjoey Capital into listed asset management that could complement existing operations and expose Magellan to an attractive segment of the asset management industry. September 21, 2020. Regular readers will recall the fun to be had in Australia working out the intentions of ex-UBS leaders Matthew Grounds and Guy Fowler, plus fund manager Magellan and Barclays. Share; Tweet; Mr Benari has recruited ex-UBS bankers Guy Fowler, Chris … We are committed to playing a positive role in the Australian community. ⚪ BARRENJOEY CAPITAL PARTNERS PTY LIMITED , Company number: 636973290. The broker notes there have been a number of entrants over recent years to the domestic investment banking sphere, with mixed success. We are locally owned and based in Australia, but our people, clients, experiences and perspectives are global. Map directions to Barrenjoey Dr Canberra, ACT 2601. While Barrenjoey Capital may provide a source of diversification for Magellan, Goldman Sachs finds few obvious areas for collaboration. Chief Executive Officer, Australia/New Zealand: January 2010 – August 2013 Managing Director, Head of Investment Banking, Australia/New Zealand: January 2009 – June 2012 Managing Director, Head of Debt Capital Markets Asia Pacific: March 2006 – January 2009 Director, Head of Debt Capital Markets Australia: January 2004 – March 2006 Citi also finds the near-term financial impact modest, given an upfront investment of $160m as well as a working capital facility of $50m. UK-based investment bank Barclays has agreed to be a foundation investor in Barrenjoey Capital Partners, a new Australia-based full-service financial services firm. Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided. By. 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. FNArena is proud about its track record and past achievements: Ten Years On, Click to view our Glossary of Financial Terms, For more info SHARE ANALYSIS: MFG - MAGELLAN FINANCIAL GROUP LIMITED, © FNArena 2021. The consensus target is $59.75, signalling 9.1% upside to the last share price. Barrenjoey Capital Partners Group Holdings Pty Limited (ACN 644 241 510) and its subsidiary companies (“Barrenjoey”, “we”, “us” or “our”) takes seriously their obligations to protect information provided to us by clients, employees, contractors, visitors to this website and other persons.