Macquarie Group’s annuity-style businesses and financial services have helped solidify the company’s expectations of an improved result in 2014.
In an operational briefing lodged on the Australian Securities Exchange (ASX) today, Macquarie chief executive Nicholas Moore said that market conditions were continuing to show signs of improvement, albeit that client activity remained subdued for some capital markets-facing businesses.
He said the company’s annuity-style businesses – Macquarie Funds, Banking and Financial Services and Corporate and Asset Finance – had continued to perform well, with the combined third quarter 2014 net profit contribution up on the prior corresponding and the September 2013 quarter.
The Macquarie Group analysis said that it expected an improved result for the 2014 financial year, provided market conditions for the remainder of the year were no worse than for 2013.
