Barclays has invested a further $75 million in upstart investment bank Barrenjoey Capital, lifting its shareholding to 18.2 per cent and almost doubling the pre-money valuation of the Magellan-backed investment bank to $750 million.
Barrenjoey chief Brian Benari said circumstances had changed since the firm said it wasn’t seeking more funds.Barclays and ailing funds manager Magellan backed the start-up group, which has been among the splashiest and most successful of the new investment banking entrants, in September 2020. The group catapulted toIn September 2020, Barclays invested $45 million in Barrenjoey for a 9.9 per shareholding and 4.9 per cent voting interest.
Barclays chairman of investment banking, Joe McGrath, said the investment underscored its unique partnership with Barrenjoey, which was unlike any other it had in the world. “So far, the way it’s worked has been quite good, we’ll figure out ways efficiently work across the organisations in the markets build,” he said.in February, Barrenjoey chief executive Brian Benari said the group was not seeking more funding“Absolutely not. We’ve got a few people out there who would like to invest in Barrenjoey.
Source: News Formal (newsformal.com)
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