Australian investment bank Macquarie Group Ltd posted a record first-half profit...
) posted a record first-half profit on Friday, driven by higher fees from its managed funds, but revealed a slump in traditional banking takings and forecast a weaker annual result.
The result benefited from Macquarie’s diversified strategy, which allows it to offset underperformance in its traditional investment banking and advisory units with growth in its fund management businesses. Macquarie’s exit from cash equity businesses outside the Asia Pacific region comes as tougher regulations bite. Still, while analysts believe the U.S. and Europe cash equity units were loss-making, they were concerned the retreat could hurt Macquarie’s ability to grow its capital markets advisory business in those regions.
“Compositionally, the result was a little soft, with revenues missing our forecasts by 4%, despite a better-than-expected MAM performance fees result,” Goldman Sachs analysts said in a note to clients. The Banking and Financial services unit reported a 3% fall in income in part due to weakness in operations brought over from the former Capital and Asset Finance unit, which it dismantled in July.
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