Group contribution to profit
based on internal management accounts before tax and profit share
Full year to 31 March 2013: 14 per cent
Full year to 31 March 2012: 13 per cent
|Staff: 2,848 (at 31 March 2013)|
|Activities: Banking and Financial Services Group (BFS) is the primary relationship manager for Macquarie Group’s retail client base. The group brings together Macquarie’s retail banking and financial services businesses, providing a diverse range of wealth management products and services to financial advisers, stockbrokers, mortgage brokers, insurance brokers, professional service industries and retail clients|
|Staff locations: Australia, Canada, Hong Kong, Indonesia, Japan, New Zealand, South Africa and the UK|
BFS provides a full range of services in the retail banking and financial services sector in Australia and select locations internationally. It aims to provide the highest level of client service for all Macquarie retail clients.
Macquarie Adviser Services provides services to, and manages relationships with, external financial intermediaries. Macquarie Adviser Services also provides sales services and product management of in-house and external products including mortgages retail superannuation, and private portfolio management, Macquarie Life Insurance, and the Macquarie Wrap administration service. This service had $A25.1 billion in funds under administration as at 31 March 2013. Macquarie Adviser Services had $A31.0 billion in cash products including the Cash Management Account, Cash XL and term deposits. The division also owns Macquarie Precision Marketing which operates insurance marketing in Japan, Hong Kong and Indonesia.
Macquarie Relationship Banking provides innovative banking services to successful small to medium sized businesses, professionals and high net worth individuals in Australia.
Banking services include finance for business growth, business and property acquisition and succession planning. The business also provides deposit facilities and streamlined payment collection systems to the professional services sector. Other core activities include financing business insurance premiums and providing flexible lending facilities to active property investors.
BFS North America is responsible for the Macquarie Private Wealth businesses, BFS mortgages and Global Investments in the North American market. The business has more than 590 staff in 12 offices throughout five provinces in Canada. Total assets under management/administration currently stand at $C19.8b.
The division has grown adviser numbers by 85 since it was acquired by Macquarie in 2010 and has been ranked the number one national independent Canadian advisory firm for two consecutive years. In 2012 it was also ranked number two of all investment advisory firms in Canada.1
Macquarie Private Wealth maintains direct relationships with close to 323,000 clients and provides a broad range of services including full-service broking, strategic financial planning, executive wealth management, private banking, insurance broking and a range of consumer and financial products for non-advised clients in Australia.
Offshore, Macquarie Private Wealth has a joint venture agreement with Indian company Religare, and also has a 19.9 per cent interest in online foreign exchange company OzForex, which has operations in Australia, New Zealand, Canada, United Kingdom and the US. The products distributed to non-advised clients include mortgages, credit cards, self-directed stockbroking through the Macquarie Prime Online Trading platform and Macquarie cash products.
1 Investment Executive Brokerage Report Card 2012