Barclays today announced that it has increased its shareholding in Barrenjoey Capital Partners (“Barrenjoey”) from 9.9% to 18.2% by way of subscribing for A$75m (c.£42m) of new capital.
Australia is an important part of Barclays’ strategic growth plans in Asia Pacific. Today’s announcement further strengthens its strategic partnership, by providing additional regulatory capital to support the growth in Barrenjoey’s Markets business, including the establishment of its Fixed Income Derivatives and Equity Financing platforms.
In addition to accessing Barclays’ industry-leading global distribution network across Equities and Fixed Income, global best-in-class research, and cross-border advisory and global sector expertise, the relationship will also expand Barrenjoey’s access to Barclays’ leading Credit Trading and Securitisation capabilities.
Paul Compton, Global Head of Corporate and Investment Banking (CIB) and President of Barclays Bank PLC, said: “We are delighted to have the opportunity to increase our shareholding with Barrenjoey. Since our foundation investment in September 2020, Barrenjoey management has delivered on their plans and we have a strong working relationship across our respective platforms. Providing global solutions and products to the Australian client base is at the core of our strategic partnership and this investment will only strengthen it further.”
Brian Benari, Chief Executive Officer of Barrenjoey, said: “Our strategic partnership with Barclays has been instrumental to our early success, leveraging their global investment banking and securities franchises and balance sheet. Importantly, given the rapid growth of our Markets business and the launch of our Fixed Income Derivative and Equity Financing businesses, Barclays’ investment further reinforces our joint commitment to support our Australian and global client base.”
In September 2020, Barclays invested A$45m (c.£25m) in Barrenjoey for a 9.99% economic interest and a 4.99% voting interest. The bank also entered into a Cooperation Agreement with Barrenjoey covering global product distribution, research, cross border advisory and debt capital markets, as well as making available significant balance sheet capacity for Barrenjoey to support its clients.
