Macquarie goes mainstream

Macquarie has steered a profitable course, avoiding head-on confrontation with global competition through niche strategies. So its acquisition of ING?s Asian cash equities business is puzzling. Can it succeed where ING failed or could this mark the unravelling of the Macquarie miracle? Chris Leahy reports

Your view of Macquarie, if indeed you are in any way familiar with its chameleon-like financial sprawl, is coloured by where in the world you sit. In its Australian backyard, Macquarie is a full-service investment bank providing financial market trading and advisory products and services. Outside Australia, however, the bank focuses on selected business areas.

The range and disparity of Macquarie’s international businesses is noteworthy. It has vast investments in road toll projects in Korea, in airports globally and in energy utilities in Canada.

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