The world’s best-kept secret of funding banking might be confirmed early subsequent week when former UBS chief Matthew Grounds formally joins fast-growing startup Barrenjoey Capital Companions as chairman. -executive.
Mr Grounds – nicknamed the “rockstar banker” for his dealings with billionaires James Packer, Kerry Stokes and Frank Lowy – will share the highest govt job with Man Fowler, his former right-hand man at UBS, in keeping with sources accustomed to the appointment. Sources additionally stated he would be part of Barrenjoey’s council after its upcoming reconstitution.
The appointment, which is because of be introduced Tuesday, will see Mr Grounds use his Rolodex to safe main buyer mandates, as is believed to have already been achieved serving to Barrenjoey perceive a place on the $ 3 billion float. PEXA platform actual property institutions.
Mr Grounds’ identify has been intently related to Barrenjoey for greater than a 12 months, when the trade was blown away by a plot by former UBS executives to launch a “mini-Macquarie” -style funding financial institution. supported by the success story of Magellan fund administration and the British financial institution Barclays.
It’s stated that Mr Grounds’ connections have already been paid for by Barrenjoey; enjoys a decades-long relationship with Magellan chief Hamish Douglass, relationship again to Schroders.
Nonetheless, as Barrenjoey formally launched final September, and has launched into an aggressive recruitment fury that has elevated its workers numbers to 220, Mr.
Sources near Barrenjoey say Mr Grounds could have been low to place as a lot distance as attainable between his departure from UBS and his begin date at Barrenjoey, notably as a result of his lack of competitors with the Swiss financial institution has formally expired. solely final December.
He spent his free time along with his household, working with the philanthropic agency Adara (with which Barrenjoey now has a strategic hyperlink), in addition to extending the Sohn Hearts and Minds convention and the listed funding firm, which helps the Chang Cardiac Analysis Institute which he chairs.
Whereas his presence in Barrenjoey will solid a protracted shadow over the corporate’s already heavy-handed administration workforce, sources accustomed to the matter have stated Mr Grounds has no want to handle the present. Former Challenger boss Brian Benari will stay in control of Barrenjoey’s day-to-day operations as head coach.
Grounds resigned formally from UBS in July 2019 after a 25-year time period in Swiss banking. His departure got here on the time of the resignations of Mr Fowler and Chris Williams, the co-head of motion at UBS. On the time, his resignation was blamed on the top of the so-called “Enterprise Kangaroo”, mediated by Mr Grounds, which noticed the Australian group’s finest performing bonus group introduced by the worldwide bonus pool – and declining – of UBS. .