Barrenjoey Capital Partners

Last updated

Barrenjoey Capital Partners
Company typePrivate company
Industry Financial services
FoundedSeptember 21, 2020;4 years ago (2020-09-21)
Headquarters
Quay Quarter Tower, Sydney
Key people
 David Gonski (Non-Executive chairman)
Ken MacKenzie (Strategic Advisor)
Brian Benari (CEO)
Products Investment banking
Securities brokerage
Securities research
OwnerBarrenjoey employees (45.4%)
Magellan Financial Group (36.4%)
Barclays (18.2%)
Number of employees
350 (2023)
Website www.barrenjoey.com

Barrenjoey Capital Partners (Barrenjoey) is an Australian investment banking firm that is headquartered in Sydney with additional offices in Melbourne and Perth.

Contents

History

In May 2020, former UBS Australia chairman Guy Fowler and UBS Australia Head Matthew Grounds were in the process of launching their own firm with the backing of Magellan Financial Group and Barclays and had already received signed contacts from 50 to 60 people ready to join the new firm. However the firm did not launch as planned as the two felt they were not ready, the structure needed to be changed and they lacked someone to run it for them. Eventually hired Brian Benari who was previously the CEO of financial services group, Challenger. [1] [2] [3] [4]

On 21 September 2020, the new firm was officially launched as Barrenjoey (meaning young Kangaroo) with 60 employees. Magellan owned a 40% stake in the firm while Barclays owned a 9.99% stake. Barrenjoey and Barclays would work on deals together where Barrenjoey would act in an advisory capacity to the parties while Barclays would provide the financing of the deal. [1] [4] [5] [6] [7]

During its start and early period, Barrenjoey poached many employees from UBS to which they were called "Raids". [6] [8]

In December 2020, Barrenjoey did its first corporate finance deal by advising the merger between Aussie and Lendi. Its first equities trade was buying shares in Qantas. The firm grew at a very fast pace and became involved in multiple high-profile deals. [1] [9]

In February 2021, businessman David Gonski joined Barrenjoey as a Non-executive chairman. [10] In April 2021, former government minister Kelly O'Dwyer was added to the board of directors as the firm sought to raise female representation. [11]

By mid 2021, BHP Chairman, Ken MacKenzie joined the firm as a Strategic Advisor. MacKenzie supported Jes Staley of Barclays to back Barrenjoey which would help expand Barclays' presence in Asia. Despite his link with Barrenjoey being considered a conflict of interest, BHP hired Barrenjoey to advise on its acquisition of OZ Minerals. [1] [4] [5] [12] [13]

In May 2022, Barclays increased its stake in Barrenjoey to 18.2%. [6] [7]

On 9 February 2023, Governor of the Reserve Bank of Australia, Philip Lowe had a closed door meeting with Barrenjoey which was leaked to the media. The move attracted criticism and Lowe later stated he would avoid attending events at the firm "for quite some time". [14]

In June 2023, Barrenjoey moved its headquarters to the Quay Quarter Tower. In the same period the firm was expanding its new departments which included fixed income, private investments and prime brokerage as its corporate finance advisory business slowed due to market conditions. [15]

In August 2024, Australian Financial Review reported that Barrenjoey for the first time since its establishment had made a net profit and was paying dividends. [16]

Related Research Articles

<span class="mw-page-title-main">Woolworths Group (Australia)</span> Australian multinational retail company

Woolworths Group Limited is an Australian multinational retail and finance company, primarily known for the operation of its retail chain Woolworths Supermarkets across Australia, Woolworths in New Zealand and its discount department store Big W. Headquartered in Bella Vista, Sydney, it is the largest company in Australia by revenue and number of employees, and the second-largest in New Zealand.

<span class="mw-page-title-main">Commonwealth Bank</span> Australian multinational bank

The Commonwealth Bank of Australia (CBA), also known as Commonwealth Bank or simply CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States, and the United Kingdom. It provides a variety of financial services, including retail, business and institutional banking, funds management, superannuation, insurance, investment, and broking services. The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of July 2024, with brands including Bankwest, Colonial First State Investments, ASB Bank, Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure). Its former constituent parts were the Commonwealth Trading Bank of Australia, the Commonwealth Savings Bank of Australia, and the Commonwealth Development Bank.

Solomon Lew is an Australian businessman. His principal commercial activities involve importing apparel, toys and other goods into Australia from China and investments, mainly in retail companies.

David Michael Gonski is an Australian public figure and businessman.

Network Ten Pty Limited, trading as Paramount Australia & New Zealand, is a major media company in Australia. Headquartered in Sydney, its major asset is Network 10, a free-to-air television network. Formerly a public company listed on the Australian Securities Exchange, since December 2019, it has been a subsidiary of Paramount Networks UK & Australia.

The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for politicians and other public servants that will become payable during a period when an ageing population is likely to place significant pressure on the Commonwealth's finances. As of 31 December 2023, the fund has $272.3 billion in assets under management.

<span class="mw-page-title-main">Nine Entertainment</span> Australian media and entertainment company

Nine Entertainment is an Australian publicly listed mass media company with holdings in radio and television broadcasting, publishing and digital media. It uses Nine as its corporate branding and also prefers this usage to be used for the parent company.

<span class="mw-page-title-main">Macquarie Group</span> Australian investment bank and financial services company

Macquarie Group Limited, more commonly known as Macquarie Bank, is an Australian multinational investment banking and financial services group headquartered in Sydney and listed on the ASX.

<span class="mw-page-title-main">Kelly O'Dwyer</span> Australian politician (born 1977)

Kelly Megan O'Dwyer is a former Australian politician. She served in the House of Representatives from 2009 to 2019, representing the Liberal Party, and held senior ministerial office from 2015 to 2019.

<span class="mw-page-title-main">Hamish McLennan</span> Australian businessman (born 1966)

Hamish McLennan is an Australian businessman who chairs several large, listed companies on the Australian Securities Exchange. He is chair of REA Group, a multibillion-dollar global digital advertising real estate company operated by News Corporation. He is the chairman of Magellan Financial Group, a globally focused equity fund. He is additionally the Chairman of ARN Media. He is a director at Claim Central Consolidated, a global claims business. From May 2020 until November 2023, McLennan served as chairman of Rugby Australia.

<span class="mw-page-title-main">Guzman y Gomez</span> Australian dining and fast-food chain

Guzman y Gomez is a Mexican casual and fast food restaurant chain based in Australia. Many restaurants also serve coffee through the “Cafe Hola” brand which operates during the morning.

LeapFrog Investments is a South African-Australian private equity firm that invests in high-growth financial services, healthcare and climate solutions companies in emerging markets in Africa and Asia.

Kenneth Norman MacKenzie is a Canadian-born businessman, and the chairman of BHP since September 2017, and the former CEO of Amcor.

H2 Ventures is a fintech, data and artificial intelligence focused venture capital investment firm based in Sydney, Australia. It runs the H2 Startup Accelerator. H2 Ventures is located in the NSW Government backed Sydney Startup Hub.

Tattarang is an Australian private investment company owned by Andrew Forrest and his family. Tattarang invests in a diverse range of businesses across agri-food, energy, health technology, property, resources, and lifestyle. The group is made up of six business divisions: Fiveight, Harvest Road, Squadron Energy, Tenmile, Wyloo Metals and Z1Z.

<span class="mw-page-title-main">Magellan Financial Group</span> Financial company

Magellan Financial Group is an Australian investment manager focusing on global equities and global listed infrastructure.

Platinum Asset Management is an Australian asset management company. It has been publicly traded on the Australian Securities Exchange since 2007. It is a constituent member of the S&P/ASX 300 index. In 2015, it was ranked as the largest hedge fund group in Australia as well as the second largest in Asia-Pacific.

<span class="mw-page-title-main">Stake (platform)</span> Financial services company (e. 2017)

Stake is an Australian financial services company headquartered in Sydney, Australia. It was founded in 2017 by Matt Leibowitz, Dan Silver and Jon Abitz. Stake predominately offers low-cost brokerage services to retail investors in Australia, New Zealand, Brazil and the United Kingdom.

<span class="mw-page-title-main">Australian Professional Leagues</span> Governing body of Australian professional soccer leagues

The Australian Professional Leagues, officially abbreviated to the APL, and sometimes referred to as the A-Leagues, are the governing body for the A-League Men, A-League Women, A-League Youth and E-League. Since their formation, they have been mostly independent of Football Australia, but remain under their umbrella.

The Liberman family is an Australian business family primarily based in Melbourne, Victoria.

References

  1. 1 2 3 4 "How to build an investment bank after a false start". Australian Financial Review. 13 May 2022. Retrieved 13 July 2023.
  2. ↑ "Former UBS banker to the stars struggles to achieve lift-off". Australian Financial Review. 22 May 2020. Retrieved 13 July 2023.
  3. ↑ Wright, Chris (13 October 2020). "Australia: Barrenjoey launch spells further bad news for UBS". Euromoney. Retrieved 13 July 2023.
  4. 1 2 3 Collett, John (21 September 2020). "Top deal makers to lead Magellan and Barclays investment bank startup". The Sydney Morning Herald. Retrieved 13 July 2023.
  5. 1 2 "Barrenjoey angling to set capital markets alight". Australian Financial Review. 21 September 2020. Retrieved 13 July 2023.
  6. 1 2 3 Fildes, Nic (18 May 2022). "Barclays doubles stake in Australian investment bank Barrenjoey". www.ft.com. Retrieved 13 July 2023.
  7. 1 2 Yeates, Clancy (18 May 2022). "Barrenjoey's value hits $750m as Barclays ups stake". The Sydney Morning Herald. Retrieved 13 July 2023.
  8. ↑ Knight, Elizabeth (15 March 2021). "'We anticipated the raids': How Barrenjoey's poaching day unfolded for UBS". The Sydney Morning Herald. Retrieved 13 July 2023.
  9. ↑ "Australia upends the M&A status quo". Australian Financial Review. 4 July 2022. Retrieved 13 July 2023.
  10. ↑ "David Gonski takes Chifley Associates crew to Barrenjoey". Australian Financial Review. 10 February 2021. Retrieved 13 July 2023.
  11. ↑ Yeates, Clancy (12 April 2021). "Barrenjoey looks to lift women on board after O'Dwyer appointment". The Sydney Morning Herald. Retrieved 13 July 2023.
  12. ↑ "Why Barclays backed Barrenjoey". Australian Financial Review. 21 September 2020. Retrieved 13 July 2023.
  13. ↑ "BHP says management wanted Barrenjoey despite chairman link". Australian Financial Review. 8 August 2022. Retrieved 13 July 2023.
  14. ↑ Argana, Carmeli (16 February 2023). "RBA Scraps Future Barrenjoey Meetings After Trust Destroyed". www.bloomberg.com. Retrieved 13 July 2023.
  15. ↑ "Barrenjoey settles into 'Vertical Village'". Australian Financial Review. 7 July 2023. Retrieved 13 July 2023.
  16. ↑ Weinman, Aaron (15 August 2024). "Barrenjoey, in the black and paying dividends, finally hits its stride". Australian Financial Review. Retrieved 22 October 2024.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.