Macquarie post modest gains in platforms and funds growth
Macquarie Group has recorded modest growth in its platforms and funds management divisions in the last quarter but still expects to announce a group result for this year that may be up 20 per cent on last year.
At an update on business activity to the end of the December quarter Macquarie stated that Macquarie Funds Group, which has changed its name to Macquarie Asset Management, increased assets under management by $30 billion to $453.3 billion at 31 December 2014.
At the same time assets under administration on the Macquarie investments platform increased by four per cent during the December 2014 quarter to $43.2 billion.
Macquarie Group Managing Director and Chief Executive Officer Nicholas Moore that since its half year result announcements trading conditions in the group had improved and it was on track to exceed last year's full year results.
"Macquarie's annuity-style businesses' - Macquarie Asset Management, Corporate and Asset Finance and Banking and Financial Services - combined December 2014 quarter net profit contribution was down on both a strong December 2013 quarter and September 2014 quarter which benefited from significant performance fees in Macquarie Asset Management and the sale of OzForex.
"Macquarie's capital markets facing businesses - Macquarie Securities, Macquarie Capital and Commodities and Financial Markets - experienced improved trading conditions with combined December 2014 quarter net profit contribution up significantly on both the December 2013 quarter and September 2014 quarter."
Macquarie stated that as advised in January the full year result for the group would be up between 10 and 20 per cent on the 2014 full year results and that under current conditions it was likely to be at the upper end of the range.
AUTHOR
Jason Spits
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