Macquarie Bank
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| Macquarie Group Limited | |
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| Type | Public (ASX:MQG) |
| Founded | Sydney, Australia (1970) |
| Headquarters |  Sydney, Australia |
| Key people | David Clarke, Chairman Nicholas Moore, CEO |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Revenue | AUD 7.2 billion (2007) |
| Net income | AUD 1.46 billion (2007) |
| Total assets | AUD 200 billion (2007) |
| Employees | 12400 (2008) |
| Website | www.macquarie.com.au |
Macquarie Group Limited (formerly Macquarie Bank Limited) is an Australian merchant bank and financial services group, providing a broad range of products and services to investors, corporations and government. Its global headquarters are located in Sydney, and it is listed on the Australian Securities Exchange (ASX). It is the only large, majority Australian-owned investment bank.
During 2005, it raised more than $80 billion AUD in equity capital markets, capital raisings and floats, making it the largest player in Australia in capital raisings. It is the second largest player in the mergers and acquisitions area of corporate finance in Australia.
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[edit] History
The bank was founded in 1969 and it began its operation from Sydney in January of 1970 as Hill Samuel Australia, a subsidiary of the UK's Hill Samuel, an entity founded by the same man as the Shell Corporation. The bank took its name from Lachlan Macquarie, an early Governor of New South Wales who dramatically transformed the early colonial economy. The company became a trading bank and changed to its present name in 1986, at which time it opened branches in Melbourne and Brisbane. The company listed on the ASX in 1996, with an initial market capitalization of 1.3 billion AUD.
Macquarie Bank manages a number of listed investment funds. Over the past decade, the Macquarie Infrastructure Group, has become the world's largest operator of private toll roads both nationally and internationally. Other funds managed by the bank's subsidiaries have invested in projects such as airports, operating Kingsford Smith International Airport in Sydney and Bristol International Airport in the UK, for instance.
[edit] International Market Presence
Macquarie's operations are still primarily Australian although it has built a substantial presence offshore with operations in the following countries: The United Arab Emirates, India, South Africa, Brazil, Canada, the United States, China, Hong Kong, Japan, Korea, Singapore, Indonesia, Malaysia, the Philippines, Taiwan, Thailand, New Zealand, Austria, Germany, France, Italy, Switzerland, Ireland and the United Kingdom. Notable recent acquisitions include Cook Inlet, now Macquarie Cook Energy, a gas trading and scheduling operation based in Los Angeles and Thames Water, one of the world's largest water companies. Macquarie employs around 5000 staff outside of Australia.
Macquarie Bank has developed a large presence in the Financial Services arena with their Financial Services Group's Wealth Investments Team managing over 479.8 Billion AUD of Funds Under Management.
[edit] Core Business
The bank's activities work within six operating groups: Equity Markets Group, Banking & Financial Services Group (merger of Financial Services Group and Banking & Securitisation Group), Funds Management Group, Macquarie Capital (previously Investment Banking Group), Real Estate Group and the Treasury and Commodities Group.
Macquarie's managing director is Nicholas Moore, who replaced Allan Moss in May 2008, and the board chairman is David Clarke.
The bank's high margins and profits, and the consequent rewards for its executives and shareholders, have seen news website Crikey dub the bank "The Millionaire Factory". Macquarie's capitalisation as at June 2007 was $23.5 billion AUD making it one of Australia's biggest companies by value.
In 2005 Macquarie announced a hostile takeover bid for the London Stock Exchange valuing the company at £1.5 billion, a bid rejected by LSE management as "derisory".
In 2007 the bank attempted to take over Qantas in Australia along with a consortium of other private equity players. This eventually played out unsuccessfully and led many to see the bank as overly aggressive in trying to achieve ultimate profits.
In November 2007, the bank restructured as a wholly owned subsidiary of Macquarie Group Limited.
In February 2008, it was announced that current CEO and Managaing Director Allan Moss would be retiring in May 2008 and replaced by Macquarie Capital (previously known as the Investment Banking Group) head, Nicholas Moore.
[edit] Current Board Members
- David S. Clarke, AO, Executive Chairman
- Mark R.G. Johnson, Deputy Chairman and Chairman of Australian Gas Light Company
- Nicholas Moore
- John Allpass, Former Managing Partner of KPMG's Queensland practice
- Laurence Cox, AO, Former Chairman of the Australian Stock Exchange
- Peter Kirby, Former Managing Director of CSR Limited
- Catherine Livingtone, Former Managing Director of Cochlear Limited
- Kevin McCann, Former Partner and Chairman of Allens Arthur Robinson
- John Niland, AC, Former President of the University of New South Wales, and former Cornell University professor
- Helen Nugent, AO, Chairman of Funds SA, Swiss Re Life, and Health (Australia) Limited
[edit] Notable current and former employees
[edit] Business
- Simon Hannes - financial analyst, convicted of insider trading
- Nicholas Moore - CEO
[edit] Public service
An unusual feature of Macquarie Bank, as a financial institution, is the very strong political connections that it maintains through the appointment of former politicians and senior political staffers to senior and highly paid positions.
- Bob Carr - Premier of New South Wales (1995-2005)
- Ross Cameron - Member of the Australian House of Representatives (1996-2004)
- John Hewson - Member of the Australian House of Representatives (1987-95) and Leader of the Australian federal Opposition (1990-1994)
- Max Moore-Wilton - former Secretary of the Department of the Prime Minister and Cabinet to John Howard
- Irene Moss - Commissioner of the New South Wales Independent Commission Against Corruption until November 2004; wife of Macquarie Bank CEO Allan Moss.
- Graeme Samuel - chairman of the Australian Competition and Consumer Commission (2003-present)
- Warwick Smith - former Federal Cabinet Minister
- Alan Stockdale - former Treasurer of Victoria
[edit] Logo
Macquarie Bank's logo is a representation of the Holey dollar developed by Governor Macquarie as a solution to the monetary problems of the early Australian settlers. For the company, it represents financial knowledge and ingenuity.
[edit] Controversies
In May 2007, Macquarie Bank encountered much attention with the announcement that they were paying their CEO Allan Moss AUD$33 Million. Even the PM at the time, John Howard was quoted as saying that it was "over the top"[1].
[edit] See also
[edit] Toll roads owned and/or operated by Macquarie Group
- 407 ETR
- M6 Toll
- Chicago Skyway
- Indiana Toll Road
- Toyo Tire Turnpike, Hakone, Japan
[edit] Other properties of Macquarie Group
- Red Bee Media
- East London Bus Group
- Selkent
- East London (bus company)
- National Grid Wireless
- Arqiva
- Tokyo International Airport 20%
[edit] References
[edit] External links
- Macquarie Bank global site
- Macquarie Bank Australian site
- Macquarie Private Wealth Australian site
- Macquarie Bank Italian site
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