Macquarie plan upgrade of US investment banking team
Up to 30 members of Macquarie Group's US-based investment banking workforce are facing the exit door as the firm seeks to "replenish its ranks with star performers", Reuters reports.
The news wire service claimed Macquarie was looking to hire investment bankers with strong sector expertise, to replace those being let go, as the group seeks to build on its successful first quarter results, which saw it top the rankings of lenders to US private equity buyouts.
In recent years, Macquarie has developed its US investment banking business by focusing on advising and financing private equity deals.
Sources cited in the report said Macquarie had disbanded its industrial group, while the consumer group has been merged into the gaming and leisure group, with the healthcare services information technology group absorbed into the technology, media and telecommunications group.
At the time of publication Macquarie had not responded to requests for comment from Money Management.
Recommended for you
Self-reporting issues to ASIC could lead to a reduced charge for a fund manager but it may not exempt them from enforcement action altogether, according to ASIC chair Joe Longo.
AllianceBernstein has announced its chief investment officer and Australian equity manager Roy Maslen is to step down from the firm at the end of the year.
Pinnacle Investment Management has announced it plans to launch a new affiliate from a global equities team departing Royal London Asset Management.
Asset manager Nuveen is seeing opportunity in municipal bonds which are at their highest yields in over a decade.