Macquarie Group in good shape and on track
Macquarie Group has kicked of 2017 in good shape revealing in a market update today that it expected its full-year result to be broadly in line with that of last financial year.
The market update also confirmed the benefits of the transaction around the migraiton of the ANZ Oasis wrap to the Macquarie platform.
Commenting on the operational briefing, Macquarie Group managing director and chief executive, Nicholas Moore described trading conditions across the group as satisfactory.
The market update revealed that Macquarie's annuity-style businesses — Macquarie Asset Management, Corporate and Asset Finance and Banking and Financial Services — generated a combined increased net profit contribution.
Looking at the Banking and Financial Services division, the market update pointed to a five per cent increase in total deposits to $44.2 billion at 31 December, with its Australian mortgage portfolio standing at $28.6 billion.
It said funds on platform had increased 14 per cent to $70.5 billion due to the successful migration of the ANZ Oasis wrap super and investment assets onto Macquarie's platform.
Moore said Macquarie remained well positioned to deliver superior performance in the medium-term due to its deep expertise in major markets, strength in diversity and its ability to adapt its portfolio mix to changing market conditions.
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