New investment bank launched in Australia
King & Wood Mallesons has advised on the launch of Australia’s newest investment bank.
Firms: King & Wood Mallesons (Barrenjoey Capital).
Value: $534 million.
Deal: King & Wood Mallesons (KWM) has advised Australia’s newest investment bank, Barrenjoey Capital Partners (Barrenjoey Capital), on its launch to the Australian market.
Area: M&A, capital markets.
Key Players: The KWM team acting on the deal was led by partners Henrik Moritz and David Friedlander, with support from senior associate Shabarika Ajitkumar and solicitor Georgia Feltis.
Banking advice was provided by Dale Rayner and Hayley Johnson, IP advice by Bryony Evans and Lauren D'Ambrosio and competition and regulatory advice by Wayne Leach and Mark McFarlane.
Deal Significance: Magellan and Barclays will back foundation investors in a new Australian-based full-service financial services firm, Barrenjoey Capital Partners – which will be headed up by former Challenger chief, Brian Benari.
Barrenjoey Capital will operate as a full-service investment bank, incorporating corporate and strategic advisory, equity and debt capital market underwritings, cash equities, research, prime brokerage as well as traditional fixed income services to Australian and international clients.
“We are delighted to have been involved in bringing about this new offering to the market with the ability to provide greater flexibility of service and offering its people autonomy through the partnership model – we look forward to seeing Barrenjoey Capital succeed under the leadership of its highly respected management team,” Mr Moritz said.
Operating as a genuine partnership model, economic ownership of Barrenjoey Capital will be split between staff and two major investors, with Magellan Financial Group and Barclays Bank owning 40 per cent and 9.99 per cent respectively.
It is understood the company would be led by Guy Fowles as executive chairman and Mr Benari as chief executive with the other founding partners being John Cincotta, Matt Hanning and Chris Williams.