Investment Banking News

Why Magellan took a punt on Barrenjoey

Posted by Anton Murray Consulting on . Posted in Investment Banking News

InvestorDaily

Upstart Barrenjoey has the makings of Australia’s next big financial institution, according to Magellan chief executive Brett Cairns and chairman Hamish Douglass. Magellan pumped a cool $156 million into fledgling investment bank Barrenjoey in September last year, in what chairman Hamish Douglass believes is a sure bet. “I don’t think I’ve seen anything like it in my life, what they’ve done at Barrenjoey in such a short period of time – to put all the infrastructure and licences and technology in place, and then assemble just an extraordinary team of individuals,” Mr Douglass said.

“I think over the next three years people will be surprised by what that team does. We’re not running it, but we’re so privileged to be associated with those individuals.” Magellan CEO Brett Cairns also shrugged off news reports that suggested Barrenjoey is essentially UBS Australia 2.0, drawing many of its senior staff – including key deal-maker Matthew Grounds – from the investment bank. “The business has begun extremely well. They’ve managed to build a great deal of the foundations and the key infrastructure that’s required….there’s great diversity within that business, and the quality of that staff is really first class. It’s going to be an extremely high-quality group of people in that business,” Mr Cairns said.

The rest of this article can be found at investordaily.com.au.

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