 | |
.jpg) 1 Elizabeth, Macquarie Group's global headquarters in Sydney, Australia | |
| Company type | Public |
|---|---|
| |
| Industry | Financial services |
| Founded | 10 December 1969; 56 years ago (1969-12-10) |
| Headquarters | 1 Elizabeth Street,, Australia |
Area served | Worldwide |
Key people |
|
| Services | List of Services
|
 A$16,887 million[1] (2024) | |
| A$3,535 million[1] (2024) | |
| AUM |  A$938.3 billion (2024)[1] |
| Total assets | A$403,404 million[1] (2024) |
Number of employees | 20,600[1] (2024) |
| Divisions |
|
| Subsidiaries | MGL Subsidiaries
|
| Capital ratio | 13.6% |
| Rating |
|
| Website | www |
| Footnotes / references [2][1][3] | |
Macquarie Group Limited (/məˈkwɔːri/), more commonly known asMacquarie Bank, is an Australianmultinationalinvestment banking andfinancial services group headquartered inSydney and listed on theASX (ASX: MQG).
Macquarie'sinvestment banking division is Australia's top-rankedmergers and acquisitions adviser with more than 871 billionAustralian dollars in assets under management[3] and is one of the world's largestinfrastructure asset managers.[4][5][6] Macquarie Bank's customers have an overall net wealth per capita ofA$943,000 (as of March 2024) making them amongst the wealthiest in Australia.[7][8]
The company employs more than 20,000 staff[9] across four operating groups in 34 markets.[10]
Macquarie was founded on 10 December 1969 as Hill Samuel Australia Limited (HSA), a subsidiary of the UK'sHill Samuel & Co. Limited.[11]
The group's logo is a stylised version of theholey dollar, Australia's first coinage which was designed byGovernor Macquarie.[12]
Australian businessmanStan Owens compiled a proposal for Hill Samuel & Co. to establish an Australian subsidiary. After presenting his report inLondon, Mr Owens was offered the role of implementing it. He became Executive Chairman of Hill Samuel Australia and founded the company from offices atGold Fields House in Sydney'sCircular Quay. The company's first three employees were Stan Owens, Blair Hesketh and Geoff Hobson. Later Chris Castleman (on loan from the British parent) and Bill Clarke joined. David Clarke and Mark Johnson were introduced to HSA and became joint managing directors in 1971. Despite being given a four-year allowance by the British parent to turn a profit, HSA was profitable by the end of its first twelve months of trading.
In 1971, HSA secured Australia's biggest mandate at the time, aUS$60 million financing for corrugated iron manufacturerJohn Lysaght Australia. HSA expanded its presence in the Australian market, opening aMelbourne office in 1972, and aBrisbane office in 1975.
In other business initiatives during the decade, HSA helped pioneer the foreign currency hedge market in Australia, commenced gold bullion trading, extended its coverage to all listed commodities and was one of the first merchant banks to be granted floor member status at theSydney Futures Exchange.
The 1980s were marked by significant financial market deregulation in Australia, including the floating of the Australian dollar and the removal of restrictions on foreign banks. To take advantage of the opportunities offered by deregulation, HSA submitted a proposal for the formation of a new substantially Australian owned and controlled bank to be called Macquarie Bank Limited.[11] Authority for HSA to become Macquarie Bank Limited (MBL) was received from theFederal TreasurerPaul Keating on 28 February 1985, making it only the second private trading bank to be established in Australia in modern times.[13]
The bank continued to grow its activities in the 1980s. It became Australia's leading bullion trader, initiated 24-hour foreign exchange trading, commenced stockbroking and corporate leasing activities, opened offices in London andMunich, expanded into funds management by establishing Australia's first cash management account and formed a new structured finance business which would grow to become one of the largest in the world.[11] It also implemented the risk management framework which is credited for the organisation's long history of unbroken profitability. The framework ensured Macquarie was not materially exposed to theOctober 1987 global share market crash.[14]
In other initiatives, Macquarie established its philanthropic arm, the Macquarie Group Foundation, which has since contributed more than $A330 million to community organisations around the world, and established what has become one of Australia's largest corporate art collections, the Macquarie Group Collection.[15]
On 29 July 1996, Macquarie Bank Limited listed on theAustralian Securities ExchangeASX: MQG.[16] By 30 October 1996 Macquarie had entered the ASXAll Ordinaries Index, with a market capitalisation of approximately A$1.3 billion and would grow to more than A$35 billion in 2018[17] to become one of Australia's largest listed companies.
Macquarie continued its overseas expansion during the early 1990s, opening offices inNew York,Hong Kong,Singapore andBeijing, while extending its Australian operations toPerth and theGold Coast. Acquisitions during the decade included Boston Australia Limited, Security Pacific Australia and the investment banking arm ofBankers Trust Australia.[18]
In 1994, Macquarie began its infrastructure investment business with the underwriting and placement of publicly listed equity for theHills Motorway in Sydney.[11] It has continued to grow these activities to become the world's leading infrastructure manager.[19] During the decade, Macquarie also launched its private banking and residential mortgages businesses and established a number of real estate and investment trusts.[20]
Macquarie continued to expand its Asia operations in the early 2000s with the opening of offices inSeoul andTokyo in 2000, and through the acquisition ofING Group's Asian cash equities business in March 2004.[21]
The decade was also marked by the global expansion of Macquarie's infrastructure business, with infrastructure investment funds established in Korea, China, Europe, Russia, India and the Middle East. On 16 December 2004,Macquarie Infrastructure Corporation began trading as Macquarie Infrastructure Company Trust on theNew York Stock Exchange (NYSE:MIC).[22]
Macquarie made a number of significant acquisitions, particularly in the US, in the later part of the 2000s. These included US energy marketing and trading company Cook Inlet Energy Supply, establishing Macquarie's physical natural gas trading business in the US, andConstellation Energy's Houston-based downstream natural gas trading operations. As at 2018 Macquarie Group is the second largest physical gas trader in North America.[23]
Other acquisitions included UK gas supply company Corona Energy in August 2006 and, in 2009, independent energy advisory firm Tristone Global Capital Inc; specialist investment bankFox-Pitt Kelton Cochran Caronia Walker; Canadian wealth management business Blackmont Capital Inc; the wholesale electricity trading business of US firmIntegrys Energy; US-based fixed income fund manager Allegiance Investment Management; the equity derivatives and structured products business of German private bankSal. Oppenheim; andCondor Ferries service between the UK, Channel Islands and France.[24][25]
In 2005, Macquarie announced an unsolicited takeover bid for theLondon Stock Exchange valuing the company at £1.5 billion, a bid rejected by LSE management.[26]
In July 2006, Macquarie announced its intention to restructure theMacquarie Group into a non-operatingholding company (NOHC)[27] owning separate banking and non-banking groups so as to support continued growth across the Group's businesses, particularly internationally, whilst meeting the requirements of theAustralian Prudential Regulation Authority (APRA). Establishment of Macquarie Group Limited as the NOHC was approved by theFederal Court in October 2007.[28]
Also that year, Macquarie, via a deal in which it acquiredThames Water, a private utility company responsible for public water supply and waste water treatment in theLondon region of theUK, was found to have transferred to Thames Water £2bn of debt before selling its stake in the company. These disclosures followed scrutiny of the possible financial causes of Thames Water's extensive pollution of theRiver Thames, and other rivers, with untreated sewage between 2012 and 2014, for which Thames Water was fined a record £20m.[29][30] In response to criticism, Macquarie noted that during its tenure Thames Water invested more than £11 billion, or around £1 billion per year, more than twice that invested during the five-year period before privatisation in 1989.[31] TheLee Tunnel was commissioned in January 2010 and opened byMayor of LondonBoris Johnson, in January 2016.[32][33] The capital investment undertaken to London's water supply was the first major investment since the Victorian era. Debts in Thames Water had gone from £3.2bn to £10.5bn by the time Macquarie had sold its stake, whilst paying out £2.8bn in dividends to shareholders during their time in control.[34] While Macquarie, once called a "vampire kangaroo" by the UK press,[35] pulled out of Thames Water, in August 2021, it bought a majority stake inSouthern Water.[36][37][38] It invested £1.6 billion ($3.1 billion) in what has been described as the UK's second most fragile water business, which, in 2024, risked being hit by the collapse of the now heavily financially troubled Thames Water.[35]
In 2010, Macquarie completed its then largest acquisition with the purchase ofDelaware Investments, a US-based diversified asset management firm, fromLincoln Financial Group.[39] As a result of the acquisition, Macquarie became one of the world's top 50 asset managers.[40] The same year, the company, through its subsidiary Macquarie Equipment Rentals, was criticised by theAustralian Competition & Consumer Commission for suing 300 small businesses caught up in misleading telephony bundling deals.[41]
In March 2012, Macquarie acquired the buildings located at48–50 Martin Place and 9–19 Elizabeth Street from theCommonwealth Bank in preparation of their lease at currentNo. 1 Martin Place offices expiring in 2024.[42]
In March 2014, the Private Equity Funds Management division — Macquarie Investment Management Private Markets (MIMPM) — was sold off to the former fund managers becoming ROC Equity Partners.[43][44] In October 2014, Macquarie joins the Global Infrastructure Facility (GIF), formed as part of an initiative by theWorld Bank Group conceived under Australia's G20 2014 presidency,[45] as an advisory partner to share market insight, advice and expertise with the GIF and its government partners.[46]
In March 2015, Macquarie announced the acquisition of a $US4 billion aircraft operating lease portfolio fromAWAS Aviation Capital, bringing Macquarie's portfolio up to more than 220 aeroplanes.[47] In October Macquarie entered into an agreement to acquire the A$8.2 billionEsanda dealer finance portfolio from theANZ Bank.[48]
In June 2017, Macquarie's Commodities and Global Markets business completed its acquisition ofCargill's petroleum business as well as its North America power and gas business. The transaction expanded Macquarie's global financial and physical oil business footprint to includeGeneva andMinneapolis.[49]
In August 2017, a Macquarie-led consortium acquired the UK Green Investment Bank plc from the UK government[50] as the result of the'Future of the Green Investment Bank inquiry' that concluded that it was by original design to operate as an investment bank and in providing finance on fully commercial terms to achieve both green impact and strong profits the government should move GIB into private ownership so it can carry on doing what it does best – but funded by the private sector, rather than using public funds and free to borrow from the capital markets as necessary without this affecting public sector debt.[51][52] Macquarie then rebranded it as a subsidiary called theGreen Investment Group (GIG).
In the financial year ending 31 March 2021, Macquarie reported net profit of A$3.015 billion and a final dividend per ordinary share of A$4.70 per share.[53]
In September 2021,Cincinnati Bell, which also ownsHawaiian Tel since their July 2018 merger, was fully acquired by Macquaire Infrastructure Partners V.[54][55][56][57]
In 2021, the company announced the purchase of Kansas City-based asset management companyWaddell & Reed forA$2.3 billion.[58][59]
Also in 2021, Macquarie entered into a binding agreement to acquireAMP Capital's Global Equity and Fixed Income (GEFI) business in Australia forA$185 million.[60][61] This resulted in theA$47 billion transfer of assets to Macquaire Asset Management upon completion on 28 March 2022.[62]
In March 2022, Macquarie Asset Management completed its acquisition of Central Park Group, an independent investment advisory company specialising in alternative investment strategies for high-net-worth investors.[63]
In November 2023, Macquarie Capital Principal Finance announced the acquisition of energy testing and inspection services provider – Camin Cargo for an undisclosed amount.[64]
In July 2024, the company took full ownership of National Gas in the UK, after acquiring the final 20% of the company fromNational Grid plc.[65]
In 2025, Macquarie has estimated to drive more deals despite economic challenges that are vigilant in the region as per Ani Satchcroft, co-head of Macquarie’s infrastructure division in Asia-Pacific.[66]
In April 2025, Macquarie agreed to sell its USA and European public asset management businesses – Macquarie Management Holdings, Inc, Macquarie Investment Management Holdings (Luxembourg) S.à r.l. and Macquarie Investment Management Holdings (Austria) GmbH,[67] toNomura in aA$$2.8 billion all-cash deal.[68] The transaction, expected to close by the end of 2025, encompasses approximatelyA$$285 billion in assets across equities, fixed income and multi-asset strategies.[69]
Macquarie has a non-hierarchical organisational structure where individual business entities are managed under four principal operating groups. These businesses work closely together, specialising in defined products or markets. There are also four shared services groups that provide the framework, infrastructure and support to the principal businesses.
Macquarie's annuity-style businesses consists of Macquarie Asset Management (formerly Macquarie Funds), Corporate and Asset Finance and Banking and Financial Services.
Capital Markets facing activities are undertaken by Macquarie Capital (formerly Investment Banking Group) and most businesses in Commodities and Global Markets, which was formed after the merger of Macquarie Securities Group (merger of Macquarie Capital Securities and the Macquarie Equity Markets Group),[70] and the Commodities and Financial Markets Group (formerly Fixed Income, Currencies and Commodities).[71]
Macquarie has a network of support groups that provide a range of functions supporting the principal Operating Groups, ensuring they have the appropriate workplace support and systems to operate effectively and the necessary resources to meet their regulatory, compliance, financial, legal and risk management requirements.
Macquarie holds a number of licences enabling it to conduct activities in the jurisdictions in which it operates and is regulated by a significant number of regulators globally. In Australia, Macquarie Bank Limited holds a banking licence and as anauthorised deposit-taking institution (ADI), is supervised by theAustralian Prudential Regulation Authority (APRA). Other key Australian regulators include theAustralian Securities & Investments Commission (ASIC) andAUSTRAC. Globally, key regulators include the UKFCA andPRA; USCFTC,FINRA,NFA,FERC,SEC andFederal Reserve Board;IIROC;MAS; Hong KongSFC;HKMA;SEBI; JapanFSA; KoreanFSS; and New ZealandFMA.
In January 2013 ASIC accepted an Enforceable Undertaking (EU) from Macquarie Equities Limited (MEL), part of Macquarie Group, after identifying widespread failures in its financial advice arm, Macquarie Private Wealth (MPW).[72]
ASIC’s surveillance, starting in December 2011, uncovered serious and recurring compliance issues dating back to 2008. These included:
ASIC noted that MEL had been aware of these deficiencies for years but had failed to implement effective or timely remediation. As a result, ASIC required MEL to address systemic compliance failures that posed risks to consumers and market integrity.
In April 2021 theAustralian Prudential Regulation Authority (APRA) found that Macquarie Bank incorrectly treated certain intra‑group funding arrangements when calculating itsCapital Requirement and related entity exposure metrics. It also breachedliquidity reporting standards between 2018 and 2020. This raised serious concerns about the bank’s risk‑management and reporting practices.[73] As a result, APRA imposed additional requirements on Macquarie Bank:
APRA’s Deputy Chair, John Lonsdale, emphasised the importance of legally‑binding prudential and reporting standards, stating that the nature of the breaches by a major institution like Macquarie is “disappointing and unacceptable”.
In May 2025 ASIC imposed additional licence conditions on Macquarie Bank after repeated and long‑standing compliance failures in itsfutures dealing business andOTC Derivatives trade reporting.[74]Key failures reported by ASIC included:
ASIC’s Commissioner, Simone Constant, emphasised the recurrent nature of the failures and the need for sustainable, not “band‑aid”, fixes.
Macquarie Group Limited's (MGL) corporate governance consists of five standing board committees that assist the Board in its oversight role: a Board Audit, Board Remuneration, Board Risk, Board Governance and Compliance and Board Conflicts Committee.[75][76]
The executive committee manages the organisation as a whole and comprises the chief executive officer, Chief Financial Officer, Chief Risk Officer, Chief Operating Officer, Group General Counsel, CEO of Macquarie Bank Limited and heads of Macquarie's operating groups. The executive team at Macquarie Group has a long history of experience in finance and statistics. Most of the team members have worked in research positions at various companies, including theAustralian Bureau of Statistics. They also hold degrees in finance and statistics from theAustralian National University.
Current Executive Committee members are:
The Board has eight Directors, comprising seven independent directors and one executive director, who is the Macquarie Group managing director and chief executive officer (CEO).
Macquarie Group Limited current Board of Directors includes:
Macquarie Bank has the wealthiest customers
Some banks were hardly exposed at all. Macquarie and BT Australia had not been big lenders to the corporate cowboys and emerged comparatively stronger.
{{cite web}}: CS1 maint: multiple names: authors list (link)
Media related toMacquarie Group at Wikimedia Commons
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