​Macquarie looks to boost third party partnerships

by Amy Rosenfeld12 Feb 2014
Off the back of strong growth in Macquarie’s mortgage portfolio the bank has announced plans to bolster its relationships with brokers and intermediaries.

During Macquarie’s operational briefing yesterday COO Nicholas Moore announced the bank’s mortgage portfolio growth was up 8% on the September 2013 quarter.

Macquarie now holds 1% of the Australian mortgage market, with a portfolio worth $15.8bn.

Moore said the bank would look to “build on successful intermediary partnerships to continue growing third party distribution in personal banking and wealth management”.

“Since our result announcement for the first half of the 2014 financial year, market conditions continued to show signs of improvement, however client activity remains subdued for some capital markets facing businesses,” said Moore.

Macquarie’s annuity-style businesses – Macquarie Funds, Banking and Financial Services and Corporate Asset Finance – continue to perform well with the combined quarter 2014 net profit contribution up on the prior corresponding period, and the September 2013 quarter.”

In November, Macquarie reported a 39% rise in interim net profit to $501m, and tipped the second half to be stronger still. Analysts are now expecting the bank’s full year result for the year ended March 31 to be its highest since 2008.

Moore also highlighted the bank’s acquisition of a 25% stake in Connective, its sale of a 19.9% stake in OzForex via IPO, and the sale of Macquarie Private Wealth Canada to Richardson GMP in November.

Macquarie’s platform Wrap (which superseded the Perpetual platform in April) is up 6% from September, announced Moore, and Macquarie Life Inforce risk premiums saw similar percentage growth. 


  • by Country Broker 12/02/2014 9:05:17 AM

    I am using Macquarie particularly for SMSF lending , BUT I still see nothing in here that tells me Macquarie will not leave the mortgage lending sector again if the going gets really tough like thy did in late 2007

  • by Maria Rigoni 12/02/2014 9:44:23 AM

    ...and the banks keep buying up more of the broker channel

  • by Wary 12/02/2014 11:15:01 AM

    Same as Country Broker. Struggle to recommend a lender who shuts down and runs when things get tough. Increasing client interest rates every 1/4 until they are forced to sell or refinance. Then come back in the good times. I can only judge a lender by how they perform to their clients when times are tough.