Barrenjoey has warned of a sharp slowdown in its financial markets business and a drop in funds under management, with the investment bank and asset manager feeling the pain of a global bond market rout.
The update, provided as part of the first annual shareholder meeting after the merger of Magellan Financial and Barrenjoey Capital Partners, pushed shares almost 9 per cent lower to $7.77 on Thursday. That means they have lost almost a quarter of their value since the start of the year.
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