Australian investment manager Magellan Financial Group is set to acquire full ownership of Barrenjoey Capital Partners in a landmark deal valued at approximately A$1.62 billion (US$1.1 billion). The all‑stock transaction, announced Monday, is expected to close in the second quarter of 2026, subject to regulatory approvals and shareholder consent.
Magellan already owns roughly 40% of Barrenjoey, which it helped establish in 2020. As part of the acquisition, Magellan will issue new shares to purchase the remaining equity, including about 10% held by Barclays, moving toward full ownership of the rapidly growing investment banking and advisory firm.
Since its launch, Barrenjoey, co‑founded by Brian Benari and other former banking executives, has built a strong presence in capital markets, equities, fixed income, private capital, and advisory services. The company has posted solid revenue and profit growth, cementing its reputation in Australia’s financial sector.
Following the merger, Magellan shareholders will retain majority control, while Barrenjoey’s founders and employees will maintain significant ownership. Leadership changes include Brian Benari taking over as CEO of the combined group, with Magellan’s Sophia Rahmani continuing to lead its investment management division. Barrenjoey co-founders will also serve as co‑executive chairs.
The board will see new appointments, with corporate veteran David Gonski becoming the independent chair of the merged entity, Magellan’s current chairman as deputy chair, and other Barrenjoey directors and a Barclays executive joining to strengthen governance.
The merger is part of Magellan’s strategic push to diversify beyond traditional funds management, blending recurring management fees with transactional revenue from investment banking and capital markets. Analysts note that the combined group will have broader capabilities, enhanced talent, and greater scale, enabling it to compete more effectively with larger Australian and global financial firms.
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