In May 2020, former UBS Australia chairman Guy Fowler and UBS Australia Head Matthew Grounds were in the process of launching their own firm with the backing of Magellan Financial Group and Barclays and had already received signed contacts from 50 to 60 people ready to join the new firm.

[10] In April 2021, former government minister Kelly O'Dwyer was added to the board of directors as the firm sought to raise female representation.

[6][7] On 9 February 2023, Governor of the Reserve Bank of Australia, Philip Lowe had a closed door meeting with Barrenjoey which was leaked to the media.

In the same period the firm was expanding its new departments which included fixed income, private investments and prime brokerage as its corporate finance advisory business slowed due to market conditions.

[15] In August 2024, Australian Financial Review reported that Barrenjoey for the first time since its establishment had made a net profit and was paying dividends.