Macquarie profits continue to climb

macquarie bank property funds management chief executive officer equity markets

6 February 2007
| By Glenn Freeman |

Macquarie Bank expects profits for the six months to March 31, 2007, to be up strongly, thanks in part to the combined effect of strong inflows into its Funds Management and Financial Services groups and specialist funds initiatives such as the Thames Water acquisition.

A highlight of the December 2006 quarter was a 16 per cent increase in assets under management, which grew to $177 billion, spurred along by 7 per cent growth in the Funds Management and Financial Services groups.

Allan Moss, Macquarie Bank managing director and chief executive officer, said he expects continued satisfactory transaction levels and substantial raisings in unlisted international specialist funds for the remainder of 2007, subject to market conditions.

“The bank has benefited from continuing good conditions across most markets, especially from good equity markets in Australia and internationally,” Moss said.

He pointed to easing volatility in commodity prices since 2006 and mixed conditions in the Australian property market, and an expected lower tax rate for the year ended March 31, 2007, relative to the same period in 2006, as other factors positively impacting Macquarie Bank.

Moss also said that strong staff growth, with numbers growing to around 9,400 domestically and 3,200 internationally, benefited the company.

“As is usual at this part of the market cycle, there is also increased competition for staff, especially in international markets.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

10 hours 58 minutes ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 16 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 14 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 17 hours ago