Macquarie lifts first-quarter AUM 8 per cent

26 July 2018

Macquarie Group said its operating divisions were performing “in line with expectations” in the first quarter of fiscal 2019, with Macquarie Asset Management (MAM) lifting assets under management (AUM) 8 per cent on the preceding quarter to $A534.1 billion.

The increase in AUM was largely attributed to financial close being reached on several transactions, the acquisition of infrastructure assets, and favourable market and foreign exchange movements.

Macquarie’s chief executive, Nicholas Moore, who it was flagged at the group’s annual general meeting on Thursday would be stepping down as CEO in November, said the group’s “annuity-style” businesses continued to perform well.

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“Corporate and Asset Finance (CAF) Principal Finance was down on the prior corresponding period (1Q18), mainly due to the timing of transactions and a reduction in the size of the portfolio. CAF Asset Finance was broadly in line with the prior corresponding period,” Moore said.

“Growth continued in Banking and Financial Services, particularly across mortgages, business banking and platforms, while deposits were broadly in line with the prior corresponding period.”

Moore said the group’s capital markets-facing businesses experienced strong trading conditions across most markets, with the Commodities and Global Markets (CGM) business witnessing stronger activity in commodity markets and fixed-income products.

It was announced that Moore would be replaced at the helm of Macquarie Group by asset management boss Shemara Wikramanayake in November.

Macquarie also announced at its AGM that Patrcia Cross would be retiring as a non-executive director of Macquarie Group and Macquarie Bank after five years on the board, effective after the AGM.

While not providing any specific earnings guidance, the group said it expects its results for fiscal 2019 to be “broadly in line” with fiscal 2018.

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