Barrenjoey Capital Partners

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.{{Cite web |date=13 May 2022 |title=How to build an investment bank after a false start |url=https://www.afr.com/companies/financial-services/barrenjoey-how-to-build-an-investment-bank-after-a-false-start-20220510-p5akej |access-date=13 July 2023 |website=Australian Financial Review|language=en}}{{Cite web |date=22 May 2020 |title=Former UBS banker to the stars struggles to achieve lift-off |url=https://www.afr.com/companies/financial-services/banker-to-the-stars-struggling-to-achieve-lift-off-20200521-p54v79 |access-date=13 July 2023 |website=Australian Financial Review |language=en}}{{Cite web |last=Wright |first=Chris |date=13 October 2020 |title=Australia: Barrenjoey launch spells further bad news for UBS |url=https://www.euromoney.com/article/27m4a4xsiqi3kfcavgagw/banking/australia-barrenjoey-launch-spells-further-bad-news-for-ubs |access-date=13 July 2023 |website=Euromoney |language=en}}{{Cite web |last=Collett |first=John |date=21 September 2020 |title=Top deal makers to lead Magellan and Barclays investment bank startup |url=https://www.smh.com.au/business/banking-and-finance/top-dealmakers-to-lead-magellan-and-barclays-investment-bank-startup-20200921-p55xlc.html |access-date=13 July 2023 |website=Sydney Morning Herald|language=en}}

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.{{Cite web |date=21 September 2020 |title=Barrenjoey angling to set capital markets alight |url=https://www.afr.com/companies/financial-services/new-dealmaker-barrenjoey-angling-to-set-capital-markets-alight-20200921-p55xp6 |access-date=13 July 2023 |website=Australian Financial Review |language=en}}{{Cite web |last=Fildes |first=Nic |date=18 May 2022 |title=Barclays doubles stake in Australian investment bank Barrenjoey |url=https://www.ft.com/content/f1de6f19-df99-4826-b6b1-ebfebabe4ce7 |access-date=13 July 2023 |website=Financial Times}}{{Cite web |last=Yeates |first=Clancy |date=18 May 2022 |title=Barrenjoey's value hits $750m as Barclays ups stake |url=https://www.smh.com.au/business/banking-and-finance/barrenjoey-s-value-hits-750m-as-barclays-ups-stake-20220518-p5amb2.html |access-date=13 July 2023 |website=Sydney Morning Herald |language=en}}

During its start and early period, Barrenjoey poached many employees from UBS.{{Cite web |last=Knight |first=Elizabeth |date=15 March 2021 |title='We anticipated the raids': How Barrenjoey's poaching day unfolded for UBS |url=https://www.smh.com.au/business/banking-and-finance/we-anticipated-the-raids-how-barrenjoey-s-poaching-day-unfolded-for-ubs-20210315-p57awq.html |access-date=13 July 2023 |website=Sydney Morning Herald |language=en}}

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.{{Cite web |date=4 July 2022 |title=Australia upends the M&A status quo |url=https://www.afr.com/chanticleer/australia-upends-the-m-and-a-status-quo-20220704-p5aysl |access-date=13 July 2023 |website=Australian Financial Review |language=en}}

In February 2021, businessman David Gonski joined Barrenjoey as a Non-executive chairman.{{Cite web |date=10 February 2021 |title=David Gonski takes Chifley Associates crew to Barrenjoey |url=https://www.afr.com/street-talk/david-gonski-takes-chifley-associates-crew-to-barrenjoey-20210210-p57145 |access-date=13 July 2023 |website=Australian Financial Review |language=en}} In April 2021, former government minister Kelly O'Dwyer was added to the board of directors as the firm sought to raise female representation.{{Cite web |last=Yeates |first=Clancy |date=12 April 2021 |title=Barrenjoey looks to lift women on board after O'Dwyer appointment |url=https://www.smh.com.au/business/banking-and-finance/barrenjoey-looks-to-lift-women-on-board-after-o-dwyer-appointment-20210412-p57ik4.html |access-date=13 July 2023 |website=Sydney Morning Herald |language=en}}

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.{{Cite web |date=21 September 2020 |title=Why Barclays backed Barrenjoey |url=https://www.afr.com/chanticleer/why-barclays-backed-barrenjoey-20200922-p55xvn |access-date=13 July 2023 |website=Australian Financial Review |language=en}}{{Cite web |date=8 August 2022 |title=BHP says management wanted Barrenjoey despite chairman link |url=https://www.afr.com/companies/mining/bhp-says-management-wanted-barrenjoey-despite-chairman-link-20220808-p5b86v |access-date=13 July 2023 |website=Australian Financial Review |language=en}}

In May 2022, Barclays increased its stake in Barrenjoey to 18.2%.

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".{{Cite web |last=Argana |first=Carmeli |date=16 February 2023 |title=RBA Scraps Future Barrenjoey Meetings After Trust Destroyed |url=https://www.bloomberg.com/news/articles/2023-02-17/rba-scraps-future-barrenjoey-meetings-after-trust-destroyed |access-date=13 July 2023 |website=Bloomberg News}}

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.{{Cite web |date=7 July 2023 |title=Barrenjoey settles into 'Vertical Village' |url=https://www.afr.com/companies/financial-services/barrenjoey-settles-into-vertical-village-20230705-p5dlvz |access-date=13 July 2023 |website=Australian Financial Review |language=en}}

In August 2024, the Australian Financial Review reported that Barrenjoey for the first time since its establishment had made a net profit and was paying dividends.{{Cite web |last=Weinman |first=Aaron |date=2024-08-15 |title=Barrenjoey, in the black and paying dividends, finally hits its stride |url=https://www.afr.com/companies/financial-services/in-the-black-and-paying-dividends-barrenjoey-finally-hits-its-stride-20240814-p5k2h4 |access-date=2024-10-22 |website=Australian Financial Review |language=en}}

{{Reflist}}

• {{Official website|www.barrenjoey.com}}

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{{Barclays}}

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Category:Australian companies established in 2020

Category:Banks of Australia

Category:Banks established in 2020

Category:Barclays

Category:Financial services companies based in Sydney

Category:Financial services companies established in 2020

Category:Investment banks