The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Asia: Potholes not pitfalls on Macquarie’s road

Nicholas Moore, Macquarie’s chief executive, says difficulties with listed infrastructure funds should not be blown out of proportion. Despite their high public profile, its infrastructure activities are a small proportion of its business. But he’s finding it hard to shake off the notion that the ‘Macquarie model’ is broken. Chris Wright reports.

How close did Macquarie get to the edge?
Macquarie: Getting out


IF MACQUARIE GROUP is at a crossroads, it probably already owns it. The financial services group, best known outside Australia for its infrastructure investments from Sydney Airport to the toll section of the M6 motorway in the UK, has had a difficult year and has seen one part of its model – the satellite fund – run into trouble. It has faced belligerent hedge funds intent on bringing down the stock, and indeed the bank; it has taken billions of dollars of impairment charges on its listed funds; and it has faced a certain local Schadenfreude in a country that shows little warmth for tall poppies. But as imitators have gone bankrupt it has stayed profitable throughout, and is already tweaking, evolving and reinventing, just as it has ever since it started out in 1969. "In the time I’ve been covering the stock it’s gone from market-making equity options to gold bullion trading, to R&D tax financing to cross-border structured financing to listed infrastructure," says Brian Johnson, one of Australia’s most highly rated banking analysts, who recently moved from JPMorgan to CLSA.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree