- Macquarie Group
company_name = Macquarie Group Limited
company_type = Public (ASX|MQG)
company_slogan = "Forward thinking"
location = flagicon|AUS
David S. Clarke, Chairman Nicholas W. Moore, CEO
num_employees = 12400 (2008)
AUD200 billion (2007)
AUD7.2 billion (2007)
AUD1.46 billion (2007)
homepage = [http://www.macquarie.com.au/ www.macquarie.com.au]
Macquarie Group Limited (formerly Macquarie Bank Limited) is a global
investment banking and diversified financial servicesgroup, providing banking, financial, advisory and investment services to investors, corporations and governments. It is the preeminent Australian investment bankand has its global headquarters located in Sydney. It is listed on the Australian Securities Exchange(ASX) and is a constituent of the S&P/ASX 20.
In 2007, Macquarie realised a profit of $A1.46 billion and managed assets worth $A228 billion. It is the largest player in raising capital in Australia. It is also one of the largest players in the
mergers and acquisitionsarea of corporate finance in Australia.
In November 2007, Macquarie Group Limited was listed [cite web |title=Admission to Official List |publisher=Australian Securities Exchange |url=http://asx.com.au/asxpdf/20071102/pdf/315mblcv97j0bl.pdf |format=PDF |accessdate=2007-11-02 ] on the
Australian Securities Exchange.
The reason behind the reorganisation of Macquarie Bank that resulted in the creation of Macquarie Group Limited was as follows: banks are subject to additional regulations which do not apply to non-bank financial firms, particularly in respect to capital and risk management. Previously, Macquarie's corporate structure that the holding company was a bank, and thus banking regulation applied to all of its subsidiaries to some extent, although Macquarie had negotiated with APRA certain special exemptions. In order to remove the costs of these additional regulations, and to remove the need for the regulator to treat Macquarie specially with respect to those regulations, the group was restructured so that the holding company was a non-bank, and the bank became a subsidiary. Thus, on the whole, banking regulations would only apply to the banking subsidiary and its subsidiaries, and not the non-bank subsidiaries or the holding company.
The bank was founded in 1969 and it began its operation from Sydney in January of 1970 as Hill Samuel Australia, a subsidiary of the UK's
Hill Samuel, an entity founded by the same man as the Shell Corporation. The bank took its name from Lachlan Macquarie, an early Governor of New South Waleswho dramatically transformed the early colonial economy. The company became a trading bankand changed to its present name in 1986, at which time it opened branches in Melbourneand Brisbane. The company listed on the ASX in 1996, with an initial market capitalisationof 1.3 billion AUD.
Macquarie Bank manages a number of listed investment funds. Over the past decade, the
Macquarie Infrastructure Group, has become the world's largest operator of private toll roads both nationally and internationally. Other funds managed by the bank's subsidiaries have invested in projects such as airports, operating Sydney Airportand Bristol International Airportin the UK, for instance.
Macquarie employs around 13,000 staff in more than 60 office locations across 25 countries. Macquarie's operations are now global with staff located in the following countries: Australia, Austria, Brazil, Canada, China, Germany, France, Hong Kong, India, Indonesia, Ireland, Italy, Japan, Korea, Malaysia, Netherlands, New Zealand, Philippines, Russia, Singapore, South Africa, Switzerland, Taiwan, Thailand, United Arab Emirates, United Kingdom and United States.
Notable recent acquisitions include Cook Inlet, now Macquarie Cook Energy, a gas trading and scheduling operation based in Los Angeles and Thames Water, one of the world's largest water companies.
Macquarie Bank has developed a large presence in the Financial Services arena with their Financial Services Group's Wealth Investments Team managing over 479.8 Billion AUD of Funds Under Management.
Macquarie's business activities are organised into six principal operating groups: Macquarie Capital (formerly Investment Banking Group), Macquarie Securities (MacSec), Treasury and Commodities Group, Macquarie Funds Group (MFG), Banking and Financial Services Group and Real Estate Group. [cite web |title=Macquarie’s six major business Groups |publisher=Macquarie Group |url=http://www.macquarie.com.au/au/about_macquarie/company_profile/mgmt_organisation/six_groups.htm] In addition to the operating groups, Macquarie has a network of support areas: Corporate Affairs Group, Information Technology Group and Risk Management Group.
managing directoris Nicholas Moore, who replaced Allan Mossin May 2008, and the board chairman is David Clarke.
The bank's high margins and profits, and the consequent rewards for its executives and shareholders, have seen news website
Crikeydub the bank "The Millionaire Factory". Macquarie's capitalisation as at June 2007 was $23.5 billion AUD making it one of Australia's biggest companies by value.
In 2005 Macquarie announced a hostile takeover bid for the
London Stock Exchangevaluing the company at £1.5 billion, a bid rejected by LSE management as "derisory".
In 2007 the bank, together with a number of private equity firms, unsuccessfully attempted to take over
Qantas, leading many to see the bank as overly aggressive in trying to achieve ultimate profits.
In November 2007, the bank restructured as a wholly owned subsidiary of
Macquarie Group Limited.
In February 2008, it was announced that current CEO and Managing Director
Allan Mosswould be retiring in May 2008 and replaced by Macquarie Capital (previously known as the Investment Banking Group) head, Nicholas Moore.
Current Board Members
David S. Clarke, AO, Executive Chairman
Mark R.G. Johnson, Deputy Chairman and Chairman of Australian Gas Light Company
John Allpass, Former Managing Partner of KPMG's Queenslandpractice
Laurence Cox, AO, Former Chairman of the Australian Stock Exchange
Peter Kirby, Former Managing Director of CSR Limited
Catherine Livingtone, Former Managing Director of Cochlear Limited
*Kevin McCann, Former Partner and Chairman of
Allens Arthur Robinson
John Niland, AC, Former President of the University of New South Wales, and former Cornell Universityprofessor
Helen Nugent, AO, Chairman of Funds SA, Swiss Re Life, and Health (Australia) Limited
Notable current and former employees
Simon Hannes- financial analyst, convicted of insider trading
*Nicholas Moore - CEO
An unusual feature of Macquarie Bank, as a
financial institution, is the very strong political connections that it maintains through the appointment of former politiciansand senior political staffers to senior and highly paid positions.
Bob Carr- Premier of New South Wales(1995-2005)
Ross Cameron- Member of the Australian House of Representatives(1996-2004)
John Hewson- Member of the Australian House of Representatives (1987-95) and Leader of the Australian federal Opposition (1990-1994)
Max Moore-Wilton- former Secretaryof the Department of the Prime Minister and Cabinet to John Howard
Irene Moss- Commissioner of the New South Wales Independent Commission Against Corruption until November 2004; wife of Macquarie Bank CEO Allan Moss.
Graeme Samuel- chairman of the Australian Competition and Consumer Commission(2003-present)
*Warwick Smith - former Federal
Alan Stockdale- former Treasurerof Victoria
Macquarie Group's logo is a representation of the 'Holey Dollar', Australia's first coinage, created by Governor Macquarie to overcome a currency shortage faced by the early Australian settlers. Governor Macquarie's creation of the Holey Dollar was an inspired solution to a difficult problem and for this reason it was chosen as the symbol of the Macquarie Group.
* [http://www.smh.com.au/news/business/macbank-gets-nod-for-restructure/2007/09/28/1190486533175.html Macquarie Bank restructure approved]
* [http://www.macquarie.com.au/au/about_macquarie/company_profile.htm Company Profile]
* [http://www.macquarie.com.au/au/corporations/sfpc/infrastructure_funds/overview.htm Macquarie's Infrastructure Vehicles]
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