News Formal

Barrenjoey’s valuation dips as expenses saddle investment bank

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 90%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

Barrenjoey opened new divisions like prime broking and private capital just as M&A activity slumped and IPOs dwindle.

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.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 2. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

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.
Källa: FinancialReview - 🏆 2. / 90 Läs mer »

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.
Källa: SBSNews - 🏆 3. / 89 Läs mer »