Macquarie FSG does its bit for bottom line
Macquarie Wrap’s record December performance that saw it attract more than half a billion dollars in inflows will help the bank’s Financial Services Group (FSG) to a strong result for the six months to March 31, according to group head Peter Maher.
However, FSG is likely to be a bit player when Macquarie chief executive Allan Moss announces what he expects to be “a very substantial increase in profit” for the period.
Moss hinted today that the Investment Banking and Banking and Property groups would have the strongest results.
FSG’s Maher said that $560 million flowed into the Wrap in December, taking it to $13.7 billion under administration. Last year’s deal to provide back office administration for ING’s PortfolioOne platform, and the badging of the Cash Management Trust by Suncorp’s dealer group, have also been profitable.
Costs have been flat, which according to a spokesperson is mostly due to intensive information technology spending in the first three years of FSG’s existence, 2000-02.
Maher flagged opportunities for FSG including partnerships with boutique funds managers and the introduction of term allocated pensions.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
