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.
AUTHOR
Mike Taylor
Recommended for you
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
Lower fees and trustworthiness are the top factors enticing unadvised Australians to seek a financial adviser, according to Fidelity International, common across all generations.
