Cautious Macquarie reveals strategic recruitment campaign

The Macquarie banking group has revealed the degree to which it has been recruiting at the director level across its divisions, at the same time as forecasting a steady profit line over the second half of the current financial year.

In an operational briefing released to the Australian Securities Exchange today, the big financial services group revealed 47 director level hires across Macquarie Securities Group, Macquarie Capital and Fixed Income Currencies and Commodities.

Macquarie managing director and chief executive Nicholas Moore said the hires were part of organic growth initiatives.

Moore said that uncertain markets made short-term forecasting difficult, but that the group currently estimated the second half profit to be broadly in line with the first half profit of $479 million. This figure included expected one-off items such as listed fund initiatives, accounting for deferred remuneration, acquisition and integration costs, and impairments.

He said the potential existed for the second half profit to be about 10 per cent higher than the first half profit, but remained “subject to market conditions, significant swing factors and unexpected one-off items”.

The group’s broader briefing papers pointed to the potential for more acquisitions arising from the global financial crisis, while within the Banking and Financial Services division the group has pointed to growth in both client and adviser numbers.

The group has also pointed to a strategy aimed at increasing Macquarie Life’s presence in the life insurance market, including broadening distribution via alliances with other organisations.