Australia’s new millionaire factory: Start-up to $1.6b in five years
Jonathan Shapiro and Emma Rapaport on what’s behind the Magellan and Barrenjoey merger and whether there’s room in Australia for another homegrown investment bank.
Hamish Douglass backed Matthew Grounds when he set up new investment bank Barrenjoey. Bethany Rae
When Barrenjoey set up 5½ years ago, not everyone was convinced the crowded Australian market needed another investment bank.
Global giants such as UBS, Goldman Sachs and JPMorgan were already fighting it out with the country’s homegrown success story, Macquarie Group.
