Macquarie Bank to create fifth largest aggregator

by BN03 Sep 2009

Macquarie Bank is set to re-enter the mortgage space, according to BusinessDaily.

Banking sources told media that Macquarie is taking a strategic interest in a new national broking company to be launched this month.

The new entity will be the result of a merger between National Brokers Group, The Mortgage Professionals, The Brokerage and Specialist Mortgages.

The newly formed aggregator would rival the largest players in this space and is expected to originate $1 bn of home loans a month through 1,000 brokers nationwide.

According to the report, Jeffrey Zulman has been appointed as chief executive to oversee the merger.

The new business would also serve as an outlet for a suite of Macquarie financial products such as life insurance and cash management accounts.

Brokernews was tipped off about a potential co-operative supported Macquarie in March, however industry sources have kept quiet since.

Macquarie was one of the first to exit the mortgage origination space at the beginning of the global financial crisis, sparking criticism from many in the broker community.

Given the recent NAB proposal to purchase Challenger's mortgage business, the news of the creation of another big player in the space is particularly interesting.

A name for Macquarie aggregator?

Aggregation: Macquarie still "reviewing market"

Macquarie looking to form 'Mosaic-style' aggregator


  • by Hakan K 3/09/2009 9:19:41 AM

    Seems like not many aggregators left that aren't owned by a bank. How ironic..

  • by Andrew 3/09/2009 11:00:31 AM

    Macquarie never invested in business that can't on paper offer a 25% return on investment, just look at sydney airport!!!

    Yes will be some saving centralizing back office of these aggregator groups but Macquarie will increase they share of commission pie or increase fees for IT & marketing in order to make this an attractive investment, because that what investment banks do

  • by Joe 3/09/2009 12:03:03 PM

    Banks created the need for aggregators so they deal with volume only and not multitude of broker mini deals. Recently some banks require individual brokers to qualify for volume even though they go through aggregators. Wierd!

    Now baks are buying up Aggregators... Hmmmmm What does it all mean? Is it good stability for us Brokers with Aggregators being owned by strong balanxce sheet company or is there some negatives for us (and our clients) in the future?