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Magellan Financial Group Limited (ASX:MFG)

ALERT: Price-sensitive ASX Announcement for MFG
Current share price for MFG : $8.570 -1.12 (-11.56%)+
Announcement
Release
1 Jul 2026 9:58AM
Price at Release
$9.690
Full Release
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Summary
Magellan Financial Group Ltd has announced the completion of its merger with Barrenjoey Capital Partners Group, forming a diversified financial services group. The new entity, subject to shareholder approval, will be renamed Barrenjoey Group Limited. The merger combines MFG's expertise in Investment Management with Barrenjoey's strengths in Financial Markets and Corporate Finance. Key leadership appointments include David Gonski AC as Independent Non-Executive Chairman and Brian Benari as CEO. As part of the merger, Magellan issued 106.8 million ordinary shares to Barrenjoey shareholders. There are vesting and dealing restrictions on shares issued to the new CEO and key founders, extending up to 9 years, while shares for Barrenjoey employees will release or vest between 5 to 8 years following the merger.
Key Points
  • Merger completion of Magellan Financial Group Ltd with Barrenjoey Capital Partners Group.
  • The merged entity to be renamed Barrenjoey Group Limited, subject to shareholder approval.
  • Merger integrates MFG's Investment Management with Barrenjoey's Financial Markets and Corporate Finance.
  • Appointment of David Gonski AC as Independent Non-Executive Chairman and Brian Benari as CEO.
  • 106.8 million ordinary shares issued to Barrenjoey shareholders as part of the merger.
  • Vesting and dealing restrictions on shares issued to CEO and key founders up to 9 years.
  • Share release and/or vesting for Barrenjoey employees from 5 to 8 years post-merger.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.