Macquarie launches new division

Macquarie Financial Services Group has launched a new division to provide financial products to offshore investors and make global investment opportunities available to Australian investors.

Macquarie Global Investments products include Macquarie Private Portfolio Management (MPPM), which manages in excess of $1.5 billion in individually managed portfolios, and Macquarie Professional Series, which has raised in excess of $1 billion from Australian retail and institutional investors.

Head of Macquarie Global Investments Matthew Rady said MGI was formed because the financial services group was committed to growing its product development capability and its range of products.

“We decided to pull together our expertise in partnering with specialist providers globally, as well as developing our own proprietary products, into one new division.

“The division is dedicated specifically to research and develop products that will meet the needs of specific classes of international investors, no matter which continent they are on.”

Rady said MGI would also be looking for investment opportunities that Australian and NZ investors, both institutional and retail, would not normally be able to access.

Meanwhile, Macquarie Financial Services Group (FSG) yesterday announced a 52 per cent increase in funds under management (FUM) to more than $92 billion for the half-year had contributed to its 50 per cent increase in profitability for the period.

The retail arm of Macquarie Group, FSG’s strong revenues were due partly due to a 27 per cent increase in wrap funds under administration and record inflows into the Macquarie Cash Management Trust (CMT), which was up from $13.1 billion in March to $18.1 billion.