UBS Alumni Reap Payday in $1.1 Billion Magellan, Barrenjoey Deal

Magellan Financial Group Ltd. agreed to buy Barrenjoey Capital Partners in a deal valued at about A$1.62 billion ($1.1 billion), delivering a windfall for the ex-UBS Group AG bankers who set up the Australian investment bank just five years ago.

Barrenjoey’s Brian Benari will become group chief executive officer of the combined company, while Matthew Grounds and Guy Fowler, the former UBS staffers who helped found the firm, will continue as co-executive chairs. Sophia Rahmani will remain chief executive officer of Magellan Investment Partners.