Macquarie is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities.
The diversity of our operations, combined with a strong capital position and robust risk management framework, has contributed to our 50-year record of unbroken profitability.
Rather than capital management as some investors might have hoped for, Macquarie Group will spend $US1.7 ($A2.3 billion) in cash on buying American funds management company, Waddell & Reed Financial.
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Macquarie Group has joined its larger peers in cutting its dividend after a slide in earnings. The investment bank said on Friday that first-half earnings fell 32% to $985 million as at September 30 as impairments and other costs in its Key Capital arm rose thanks to the continuing ripples from the COVID-19 pandemic.
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The good times have well and truly gone for Macquarie group with the company warning of a 35% plus slump in first-half earnings for the six months to September 30.
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Macquarie Group says the outlook remains highly uncertain, with profits dipping slightly in the first quarter as its businesses face challenges from rising bad debts and a softer market for selling assets.
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Not even the mighty Macquarie Group can escape the impact of the COVID-19 pandemic and measures taken to control its spread.
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Macquarie Group has announced the acquisition of Waddell & Reed Financial (WRF), a US-listed Asset Management (AM) and Wealth Management (WM) business.
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Macquarie Group has announced, with two weeks remaining in the first half, it expects profit (NPAT) to be around $950m. This is around -25% lower than the second half of 2020.
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Credit Suisse continues to believe Macquarie Group is a quality business but there are multiple headwinds over the short-term around transaction volumes, asset realisations and the potential for further impairments.
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Macquarie's result was largely in line with consensus and relatively clean and solid, the broker suggests. The Group is tracking well against FY guidance of "slightly lower" but is cycling a very strong second half last year, Morgans notes.
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Macquarie surprised friend and foe yesterday by announcing a fresh $1bn capital raising plus a share purchase plan which Citi estimates has the magnitude of $150m. Estimates have been sliced to incorporate the immediate dilution.
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