Macquarie Asset Management (MAM) has seen lower performance fees in the first quarter of FY18 while the operating group’s performance was in line with expectations.
According to Macquarie, MAM’s base fees were broadly in line however performance fees were down on the prior corresponding period.
At the same time, MAM’s assets under management at the end of June dropped four per cent on 31 March, due to net asset realisations in Macquarie Infrastructure and Real Assets (MIRA), the company said.
Corporate and Asset Finance (CAF) Lending was up on the prior corresponding period, with asset and loan portfolio standing at $36.2 billion at the end of June.
Banking and Financial Services (BFS) experienced a continued growth, driven by mortgages, with the Australian mortgage portfolio seeing a two per cent growth to $29.4 billion, business banking loan portfolio growing by three per cent to $6.7 billion and deposits up by six per cent to $47.3 billion.
Macquarie Group’s managing director and chief executive, Nicholas Moore, said: “Macquarie’s annuity-style businesses, which represent approximately 70 per cent of the groups’ performance, continued to perform well.
“Macquarie’s capital markets facing businesses experienced improved trading conditions across most markets.
“Commodities and Global Markets (CGM) experienced stronger activity, largely due to improved equity market conditions.
“Macquarie Capital saw increased client activity in debt capital markets and the principal book performed in line with expectations.”
