Fin services earns fair share of MacProfits
Macquarie Bank’s Financial Services and Funds Management groups have contributed 4 per cent and 1 per cent respectively to the bank’s record-breaking profit of $823 million for the year to March 31.
The Financial Services result was up 20 per cent on the previous year, while the Funds Management bottom line improved 66 per cent.
Within Financial Services’ adviser services division, wrap funds under administration grew to $14.1 billion after a December quarter where $1.4 billion poured in.
The cash management trust cracked double figures to end the financial year on $10.6 billion.
Superannuation and self-managed superannuation inflows explained that growth, together growing 38 per cent from the previous year to be $12.6 billion.
Among the usual cavalcade of products and businesses launched throughout the year, the establishment of a distribution team to offer financial advisers a selection of previously wholesale-only investment products was probably the most successful. The Funds Management group initiative raked in $2.8 billion over the year.
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