Business
Magellan throws its weight behind investment bank Barrenjoey – The Australian Financial Review
Over time, investment banking promises “a very very good return”, and “optionality” in the eyes of Magellan chief executive Brett Cairns, who is putting up $155 million to back Barrenjoey.
Over time, it promises a “very, very good return”, and “optionality around what we might be able to do”, Mr Cairns said, referring to possible partnerships.
“I know people are thinking about what it does for the multiples and all these sorts of things; this is a relatively small investment from a balance sheet point of view.”
Monday’s confirmation by way of market update from Magellan is the first time the global equities manager has acknowledged rumours in the market about the new venture.
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