Private wealth helps Macquarie

Macquarie Group’s private wealth business has helped drive its fortunes through the global financial crisis, according to information provided to the company’s annual general meeting in Sydney today.

In a presentation to the annual general meeting, Macquarie Group managing director and chief executive Nicholas Moore outlined the contribution of the private wealth division, with 9 per cent client growth and increases in both inflows and funds under management.

Moore made clear that the group remained extremely cautious and aware of the continued volatility within the markets and was forecasting its profit position accordingly.

“In this context, profit for the six months to September 30, 2009, is currently estimated to be approximately midway between the profits reported for the first half and second half of the 2009 financial year,” he said.

Macquarie Group’s acting chairman Kevin McCann cautioned shareholders that notwithstanding the early signs of a recovery, confidence remained fragile and there remained a high degree of uncertainty.

“While we expect it is more likely that things will improve, we continue to maintain a cautious stance and a conservative approach, particularly with respect to funding and liquidity,” he said.