The first is that it underlines the fact that Macquarie is now far more of an asset manager than an investment bank.
Wikramanayake has run the asset management unit, with A$495.1 billion under management, for a decade. In the 2018 financial year, Macquarie Asset Management accounted for 33% of group net profit, the biggest of the five constituent businesses at Macquarie; it is now among the top 50 asset managers in the world.
During Wikramanayake’s tenure – she took over the business in 2008, but has been with Macquarie since 1987 – the whole bank has been reinvented, with 70% of profits now coming from what Moore calls annuity-style businesses (asset management, corporate and asset finance, banking) and only 30% from capital markets-facing businesses (Macquarie Capital, commodities and global markets).
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