Macquarie Group Ltd (ASX: MQG) updated the market this morning about the progress it has made in its 2019 financial year (FY19).
Macquarie Group is the fifth largest bank on the ASX, it’s a diversified financial business with asset management, finance, banking, advisory, risk and capital solutions. It operates in every continent.
What did Macquarie say?
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Macquarie said in its investor presentation that in the first quarter (Q1) of its FY19 its businesses are performing well and in-line with expectations. Whilst the operating profit was higher than a year ago, it was less than the fourth quarter of FY18.
Macquarie is the world’s leading global infrastructure manager, based on assets under management (AUM), according to the Willis Towers Watson Global Alternatives Survey 2017. At June 2018 it had $534.1 billion of AUM, an 8% rise compared to March 2018.
Macquarie said the asset management division continues to have a strong base and performance fees – it accounted for a third of profit last year.
Macquarie’s management expects the first half result of FY19 will be similar to the first half of FY18, assuming no negative conditions occur. In FY18 Macquarie reported profit growth of 15% year on year.
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