Macquarie’s financial services businesses lose ground
Macquarie’s banking and financial services division recorded a marginal drop in profit contributions in the last six months, but its wrap platform continued to perform well, the group’s half-yearly report shows.
The group reported a $111 million net profit contribution for the half year ending September 30 - a 10 per cent decline on the previous corresponding period, which capitalised on the sale of the Canadian Macquarie Premium Funding business.
However, the Macquarie Wrap platform posted strong results, with funds under administration up 41 per cent over the half year to $35.3 billion - a period which included the migration of the Perpetual platform.
Over the six months, Macquarie’s mortgage portfolio grew to capture a 1 per cent stake in the Australian mortgage market, with 26 per cent growth since 31 March, 2013, taking it to $14.6 billion.
The results added to the group’s overall net profit of $501 million, a 2 per cent jump on the half-year ending March 31 2013.
Macquarie Group managing director and CEO Nicholas Moore said the results put the business in good stead for the next year.
“The group remains well positioned with a strong and diverse global platform and specialist skills across a range of products and asset classes,” he said.
The Macquarie Private Wealth ASIC Enforcable Undertaking compliance project remained on track in the second half of the year, according to the report.
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