The word Barrenjoey doesn’t appear once in UBS’ substantial downgrade of Magellan Financial Group to a “sell” last week. Though, you do have to wonder.
Barrenjoey Capital Partners is 40 per cent owned by Magellan, the fund management giant built by former Deutsche banker Hamish Douglass. Its already battered share price has plunged 24 per cent in the last month. If Barrenjoey’s rivals were in the mood to exact a little revenge, Magellan’s stock recommendation would be one way to do it.
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Myriam Robin is a senior writer based in the Melbourne newsroom. She has previously been a Rear Window columnist and editor, and before that reported on financial markets and media. Connect with Myriam on Twitter. Email Myriam at myriam.robin@afr.com
