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.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
