Macquarie posts solid result

financial services group financial services sector macquarie chief executive real estate

30 October 2009
| By Mike Taylor |
image
image
expand image

Macquarie Group appears to be regaining momentum, reporting a 79 per cent increase in net profit after tax for the half year to September to $479 million, albeit that this was down 21 per cent on the prior corresponding period.

The only division within Macquarie Group to report a loss during the period was real estate banking, which reported a loss of $56 million due to losses realised on the sale of investment, however, the banking and financial services group reported an 83 per cent lift in profit to $137 million.

Commenting on the result, Macquarie chief executive Nicholas Moore said it reflected improved market conditions and the diversification and global reach of the Macquarie businesses.

He noted that the group had delivered on its strategy to pursue growth both organically and by acquisition.

“We have made a number of strategic acquisitions and selective hires during this period. Initiatives included the acquisition of US funds manager Delaware Investments, US financial services sector specialist advisory firm Fox-Pitt Kelton Cochran Caronia Waller and, most recently, the Canadian independent investment dealer Blackmont Capital,” Moore said.

Looking over the horizon, Moore pointed to the likelihood of further acquisitions.

“Our strong balance sheet, strong team and market conditions provide opportunities for medium term growth,” he said.

Moore then pointed to ongoing organic growth initiatives and incremental acquisitions.

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...

1 day 16 hours ago

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

5 days 22 hours ago

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

3 weeks 3 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 5 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 ...

4 days 20 hours ago

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

3 days 23 hours ago