Fin services earns fair share of MacProfits
Macquarie Bank’s Financial Services and Funds Management groups have contributed 4 per cent and 1 per cent respectively to the bank’s record-breaking profit of $823 million for the year to March 31.
The Financial Services result was up 20 per cent on the previous year, while the Funds Management bottom line improved 66 per cent.
Within Financial Services’ adviser services division, wrap funds under administration grew to $14.1 billion after a December quarter where $1.4 billion poured in.
The cash management trust cracked double figures to end the financial year on $10.6 billion.
Superannuation and self-managed superannuation inflows explained that growth, together growing 38 per cent from the previous year to be $12.6 billion.
Among the usual cavalcade of products and businesses launched throughout the year, the establishment of a distribution team to offer financial advisers a selection of previously wholesale-only investment products was probably the most successful. The Funds Management group initiative raked in $2.8 billion over the year.
Recommended for you
In the latest episode of Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s Shane Oliver break down US and Australian rate cuts, soaring gold, and bitcoin’s volatility.
In the latest episode of the Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s chief economist Shane Oliver unpack the surprising twists in the Australian economy, diving into the latest GDP numbers, what’s really driving consumer spending, and what it all means for the Reserve Bank’s next moves.
In this episode of Relative Return, host Laura Dew chats with Roy Keenan, co-head of fixed income at Yarra Capital Management, to discuss the evolving fixed income asset class, his sector preferences, and the RBA’s rate-cutting policy.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to dissect the ongoing government economic reform roundtable and reflect on the wish lists of industry stakeholders – and whether there is hope for meaningful reform.
