Financial Services Group contributes to record Macquarie Bank result
Macquarie Financial Services Group has flagged plans for further growth as it emerged as one of the key drivers in Macquarie Bank’s announcement that it had recorded a 60 per cent increase in net profit to $1.46 billion.
In announcing what represented the bank’s 15th consecutive year of record profit, the chairman, David Clarke, said all groups had made record contributions, with the Financial Services Group providing a 32 per cent increase in profitability while the Funds Management Group recorded a 45 per cent increase in profitability.
Commenting on the result, the head of Macquarie Financial Services Group, Peter Maher, attributed the group’s contribution to the overall bottom line to its commitment to providing high level services and products — something that was reflected in the re-branding of the group’s major direct retail advice division from Macquarie Financial Services to Macquarie Private Wealth.
He said the increased market share in the Financial Services Group’s cash, wrap and full service broking markets were key drivers of the increase in profitability.
Maher said the Financial Services Group was investigating international opportunities in the United Kingdom and Asia at the same time as pursuing domestic opportunities to expand its adviser numbers and grow its core service business.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
