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.
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