Barrenjoey’s valuation dips as expenses saddle investment bank

The soft deals climate has hurt investment banking revenue.

Brian Benari, chief executive of Barrenjoey Capital Partners, said revenue was up in subdued conditions and revenue was under control.Magellan, which holds a 36 per cent stake in Barrenjoey, said the bank had “largely completed” its build-out of new business activities. The investment manager said Barrenjoey’s “establishment costs” were expected to decline in the 2024 financial year.

Chief executive Brian Benari said revenue was up despite weaker conditions for big-ticket mergers and acquisitions or initial public offerings.“We are delighted with how Barrenjoey has navigated 2023. Revenue is up in subdued market conditions, expenses are controlled, and we delivered an operating profit again,” Mr Benari said.

“We delivered an after-tax loss as a consequence of these establishment costs, which is reflected in Magellan’s accounts today,” he said.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Why this investment banker made a surprising career moveJane Hansen, philanthropist and half of a high-profile power couple with Paul Little, has plans to win students back to the classroom as Melbourne University’s new chancellor.
Source: FinancialReview - 🏆 2. / 90 Read more »

The Matildas hope this World Cup is 'just the beginning' of investment in women's footballThe Matildas say this tournament has changed women's sport, but they're urging for further support.
Source: SBSNews - 🏆 3. / 89 Read more »