Magellan Financial Group

The strong vote in favour did not stop shareholders from asking pointed questions about the deal, the Lowy family’s involvement and poor disclosure around Barrenjoey’s finances.

The junior Macquarie looks destined for the index but the market remains divided on whether it will spur copycats or a correction.

The upstart investment bank and asset manager both want to retain their top talent and both want to expand into private markets. A merger may help.

Prominent asset manager Magellan also confirmed it is in talks with Macquarie over the move, which would see almost all Australian funds blocked from a key distribution channel.

After Magellan streamlined its operations and retired its small and mid-cap strategy, Michael Poulsen and Kris Webster gave it a new lease on life at Canopy Investors.