At Macquarie’s most recent results – announced in October and covering the six months to September 30, 2021 – chief executive Shemara Wikramanayake announced not only a 107% year-on-year increase in first half profit to A$2.04 billion ($1.5 billion) but also a A$1.5 billion capital raising.
That capital raising is, in the main, dry powder, with nothing specific earmarked for its deployment. It represents a level of confidence that Macquarie, across its disparate businesses, is going to find good ways to put that money to work.
Where might that happen? At the half year, all four of Macquarie’s core underlying businesses were not only growing but already spending.
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