40% shareholding in Barrenjoey Capital

News beginning to flow on Barrenjoey Capital the new investment bank in the market. Magellan Financial Group have a 40% shareholding. I know very little about the investment banking scene but they seem to have poached a very strong management team and are being touted as a possible mini Mac Bank (I know its happened before with Babcock and Brown...nice run while it lasted)

disallowed/business/markets/rockstar-banker-grounds-to-join-rapidly-rising-barrenjoey-capital-20210409-p57hvk.html

"Mr Grounds’ name has been heavily associated with Barrenjoey for more than a year, when the industry first got wind of a plot by former UBS executives to launch a “mini-Macquarie”-style investment bank, backed by funds management success story Magellan and the UK bank Barclays."



https://www.copyright link/companies/financial-services/kelly-o-dwyer-joins-barrenjoey-20210412-p57ij3

"Last month Barrenjoey hired close to a dozen research analysts from UBS. On Monday the Financial Review revealed former UBS fixed income specialist Yeeshu Kumar was joining Barrenjoey, along with Lee Johns and UBS veterans Sam Kirtley and Samuel Cochrane. Former UBS banker Paul Pickering and Goldman Sacs trader Gaurav Sapre have already joined the fixed income team, while UBS junior Caitlin Reulein is soon to join."

..."

Barrenjoey, which is expected to begin trading equities this month, was launched with the backing of Magellan Financial Group, which bought 40 per cent of the new investment bank with 1.2 million shares and $90 million in cash and providing $50 million in working capital.

Barrenjoey is also backed by Barclays, which invested $45 million for a 9.99 per cent stake. Barclays will also provide underwriting capability to the new venture with an estimated $10 billion balance sheet."