Barrenjoey, an Australian investment bank, began offering fixed-income sales and trading services in Abu Dhabi in an expansion that marks the opening of its first overseas office.
The move will allow the Sydney-based firm to provide extended coverage during European and US trading hours, it said in a statement. It currently has about 10 people in Abu Dhabi, according to a spokesperson.
“The regulatory environment is comparable to Australia, which has enabled us to establish operations in a relatively short timeframe,” Jacqui Byrnes, fixed income chief operating officer in Sydney, said in a statement on Monday (Jun 3).
Started in 2020, Barrenjoey now has a staff of more than 350 across offices including Sydney, Melbourne and Perth. It has quickly garnered a reputation that has secured it key positions on merger transactions and has elevated it in areas such as equity block trading.
Abu Dhabi and nearby Dubai have become thriving global cities and are luring a slew of financial firms and wealthy individuals. A flurry of dealmaking last year that gripped the Middle East offset a tougher environment in other parts of the world.
Abu Dhabi reported a surge in assets under management within its financial centre as money managers rushed to the emirate. Total assets under management rose 211 per cent during the first quarter from the same three-month period the year before, according to Abu Dhabi Global Market.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Meantime, Rothschild and Morgan Stanley last year were among global investment banks opening up there, while JPMorgan Chase expanded its presence in the city.
Barrenjoey’s staff own around 45 per cent of the firm. The remainder is Barclays’ 18 per cent stake and Magellan Financial Group’s position of about 36 per cent. BLOOMBERG
