The S&P/ASX 200 Index (ASX: XJO) dropped by 0.8% today to 5,819 points.
Here are some of the highlights from the ASX 200:
Magellan Financial Group Ltd (ASX: MFG)
Magellan announced today that it has become a foundation investor in Barrenjoey Capital Partners. This is a newly established Australian financial services outfit which will offer a full set of services.
Barrenjoey will provide corporate and strategic advisory, equity and debt capital market underwritings, cash equities, research, prime brokerage as well as traditional fixed income services to Australian and international clients.
The ASX 200 share said that Barrenjoey will be led by a highly respected team of experienced executives including Guy Fowler as executive chair, and Brian Benari as chief executive. Other founding partners include John Cincotta, Matt Hanning and Chris Williams. Ken MacKenzie will join from early 2021 and be available to provide strategic advice.
Barclays will also become a foundation investors in Barrenjoey. Barclays has entered into an agreement with Barrenjoey covering global product distribution, research, cross-border advisory and debt capital markets, as well as making available "significant" balance sheet capacity.
Magellan's investment will include the issue of approximately 1.2 million Magellan shares and $90 million cash to take a 40% economic interest in Barrenjoey, though it will only have a 4.99% voting interest. Magellan's CEO Brett Cairns will join the Barrenjoey board.
The ASX 200 share will also provide Barrenjoey with a $50 million working capital facility to support the growth of the business.
Magellan CEO Brett Cairns said: "This investment represents a rare opportunity to generate attractive financial returns together with meaningful optionality and diversification prospects for Magellan and its stakeholders over the long term.
"We believe the partnership model that leaves control, equity ownership and core decision making with the executives is proven and powerful."
Barclays will invest $45 million for a 9.99% economic stake and a 4.99% voting interest in Barrenjoey.
Insurance Australia Group Ltd (ASX: IAG)
Insurance giant IAG announced today that Mr Nick Hawkins will become the new managing director and CEO. Mr Hawkins, who joined IAG in 2001, was appointed deputy CEO in April 2020 after 12 years as the chief financial officer. Prior to that he was CEO of IAG's New Zealand business.
Mr Peter Harmer will leave the ASX 200 company on 1 November 2020 after being the CEO for five years.
Mr Hawkins said: "I am excited to lead IAG during its next phase of growth and ensure the company emerges from the economic downturn as a strong, resilient organisation. Insurance plays a fundamental role in our society and I'm proud to work for and lead a company that is truly purpose-led and customer-focused."
Worley Ltd (ASX: WOR)
Drax Power has awarded Worley a services contract for the first two carbon capture units at its power station in North Yorkshire, UK. The carbon capture units will be integrated into the biomass power generating units that have a total capacity of 2,580 MW.
Under the contract, Worley will provide pre-FEED (front-end engineering and design) services for the carbon capture units, which includes development of plant layout, cost estimation and schedules for FEED, detailed engineering, procurement and construction.
The ASX 200 share said this contract provides further indication of the increasing use of both biofuels and carbon capture in the global energy system.
The technology will use 'negative emissions technology'. It's called bioenergy with carbon capture and storage. It generates renewable electricity while permanently removing carbon dioxide from the atmosphere.
Worley CEO Chris Ashton said: "As a global professional services company headquartered in Australia, we are pleased that Drax has engaged Worley in this important carbon capture project. The contract supports Drax's goal of becoming a world-leading, carbon-negative company by 2030, whilst also supporting Worley's strategic focus on sustainability and delivering a more sustainable world."