Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Macquarie’s profit bucks trend

macquarie/property/financial-services-group/

15 July 2003
| By Jason |

MacquarieBankhas posted a $333 million after tax profit for the year to March 31, due to each division of the group increasing profit and market share and achieving a record or near-record result.

The bank’s total funds under management (FUM) climbed $11 billion to $52.3 billion on the back of sizeable increases in its specialist infrastructure and property funds.

The funds management group also recorded a marginal profit, but FUM in the division still grew by 13 per cent, climbing from $27.1 billion to $30.7 billion.

Macquarie says it bucked the trend of managers losing funds by increasing market share and maintaining its reputation as a key provider of unlisted funds invested in cash, fixed interest, currency and listed property, which it says each produced strong inflows.

The bank’s Financial Services Group recorded its first profit after breaking even during the year — much of it driven by the growth in the platform business with theMacquarie Wrap Solutionsproduct leaping up 62 per cent from $3.9 billion to $6.3 billion.

The huge profit, an increase of 33 per cent on last year’s profit of $250 million, has also been a win for shareholders, with Macquarie Bank chair David Clarke stating they will receive a fully franked final dividend of 52 cents per share for the year to March 31, 2003, and a special fully franked dividend of 50 cents per share.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 week 6 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

2 weeks 6 days ago

So we are now underwriting criminal scams?...

6 months 3 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

2 weeks 1 day ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

4 weeks ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3