(Sydney) 2 March 2026

Barrenjoey Capital Partners (“Barrenjoey”) today announced its intention to merge with ASX-listed Magellan Financial Group (“MFG”) to create a diversified financial services company.

The merged company will operate across public and private markets, providing corporate finance, fixed income, equities, research and investment management support to clients.

Post completion, Barrenjoey’s CEO Brian Benari will become the new Group CEO and Barrenjoey’s Chairman Mr David Gonski AC will become the new Group Chairman.

Guy Fowler and Matthew Grounds will continue as Co-Executive Chairs of Barrenjoey Capital Partners, Sophia Rahmani will continue as the Chief Executive of Magellan Investment Partners and Andrew Formica will become Deputy Chairman. Barrenjoey’s independent directors will join the board of MFG post-completion.

The combined group will have a $2bn AUD balance sheet, significant free cash flow and a more diversified client offering.

Quotes

Barrenjoey Independent Non-Executive Chairman David Gonski AC:

“This is a proud moment for Barrenjoey. Five years ago, a group of talented professionals came together with a vision to build an independent, Australian-headquartered financial services firm that could compete at the highest levels.

From this start, Barrenjoey’s team have fulfilled their shared vision of servicing clients at a very high standard and being a great place to work.

MFG has been part of our journey from the beginning of Barrenjoey as a founding investor. Joining forces provides an ideal platform for our next phase of growth together as a top tier financial services group, while ensuring our clients and our people remain at the centre of everything we do.

I have been very honoured to have been the Chair of Barrenjoey over the last few years and am extremely excited and pleased to be the proposed Chair of the combined group going forward.”

MFG Chairman Andrew Formica:

“The merger with Barrenjoey marks a transformative step in MFG’s evolution, bringing together two highly complementary businesses to create an Australian financial services group with meaningful scale and breadth.”

Barclays Group Chief Executive C.S. Venkatakrishnan:

“This development is an endorsement of Barrenjoey’s long-term trajectory. We recently celebrated the five-year anniversary of the strategic partnership between Barclays and Barrenjoey and are excited by the opportunities that this next step presents.”

Our priority is to continue to serve clients in Australia with excellence by leveraging Barclays’ global capabilities and Barrenjoey’s local expertise.”

Barrenjoey CEO Brian Benari:

 “The merger will benefit our clients, through deepening our global distribution, expanding our balance sheet and diversifying our product offering.”

We are particularly excited about the opportunities for our Private Capital arm who will bring together our expertise in private assets with MFG’s global distribution capability and infrastructure.”

Barrenjoey Co-Executive Chairmen Guy Fowler and Matthew Grounds:

“Barrenjoey only exists because of the early support from our clients and the vision and commitment of our founding employees and their families.  We would also like to acknowledge the support from our founding shareholders Barclays and MFG, including  Hamish Douglass’ early support and vision.

We are very excited about this next step and the opportunities that it provides for our clients and our staff.”

On completion, Barclays’ shareholding will be limited to c. 4.9% of the share capital of MFG to simplify the impact of US regulatory requirements on the merged companies. Barclays’ Chairman of Investment Banking, Paul Compton intends to join the MFG Board post-merger. Barrenjoey’s strategic alliance with Forsyth Barr, to deliver reciprocal access to institutional equities research and execution, corporate advisory and capital markets services in Australia and New Zealand will continue.

Barrenjoey will continue to be focused on contributing to the community, both directly and through partners like Adara Group, NASCA and Community Capital. Since capitalisation, Barrenjoey has committed over $13m AUD in donations and grants.

More information regarding the proposed merger is available in MFG’s media release and accompanying Investor Presentation provided to the ASX.

For further information

Shane Allison | Head of Communications | +61 402 219 963 | press@barrenjoey.com

ASX Announcement