Macquarie maintains momentum
Macquarie Group has confirmed its solid comeback by growing its profit, funds under management and staff numbers.
The big financial services group reported a 49 per cent surge in full-year net profit of $1,265 million, giving rise to a full-year ordinary dividend of $2.60 per share.
Macquarie Group chief executive Nicholas Moore attributed the result to the continuing improvement in global market conditions which he said had given rise to all Macquarie's operating groups delivering increased net profit contributions.
However it was international income which proved to be the major driver for Macquarie's resurgence, with the company's announcement to the Australian Securities Exchange revealing that it accounted for 68 per cent of the Group's total income.
The ASX announcement also confirmed the value to Macquarie of having acquired Perpetual's private wealth platform, with its Banking and Financial Services division reporting a 7 per cent increase in net profit contribution to $260 million.
The divisional analysis said that the Australian mortgage portfolio had grown by 47 per cent and that funds on its wrap platform had grown by 50 per cent to $37.7 billion — something which had been driven by 20 per cent organic growth and market movements as well as the acquisition of the Perpetual private wealth platform.
Macquarie's ASX announcement noted that it had grown staff numbers over the period by more than 200.
AUTHOR
Staff Writer
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
