Magellan Financial Group shares lift 12% after completing Barrenjoey merger
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The news: Magellan Financial Group shares lifted in afternoon trade following the completion of its merger with Barrenjoey.
The numbers: At 3:56pm AEST, shares in Magellan had lifted 11.9% to $10.84.
The context: As part of the merger, the company will be renamed Barrenjoey and the ASX ticker will be changed from MFG to BJY.
The group structure will consist of three segments:
- Investment Management offering public and private investment solutions managed by Magellan Global Listed Infrastructure, Magellan Global equities, Airlie, Barrenjoey Private Capital and Vinva.
- Financial Markets offers fixed income, equity sales, trading, research and financing.
- Corporate Finance offers strategic advisory and equity and debt capital markets solutions to clients.
Barrenjoey’s chair David Gonski, CEO Brian Benari and CFO Gavin Buchanan have been appointed to the same roles at the merged entity. Barrenjoey general counsel has been appointed joint company secretary.
Deputy chair Andrew Formica, who has served on the board of Magellan and Barrenjoey, will remain on for a limited time to support integration.
Continuing Magellan directors are Deborah Page, Peeyush Gupta, John Eales and Cathy Kovacs. They join Baarrenjoey directors Philip Lowe, Fiona Hick, Kelly O’Dwyer and Paul Compton.
The source: ASX
