{"id":57389,"date":"2023-09-06T01:23:27","date_gmt":"2023-09-06T05:23:27","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/australias-macquarie-loses-most-in-2-weeks-on-tepid-asset-management-outlook\/"},"modified":"2023-09-06T01:23:29","modified_gmt":"2023-09-06T05:23:29","slug":"australias-macquarie-loses-most-in-2-weeks-on-tepid-asset-management-outlook","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=57389","title":{"rendered":"Australia’s Macquarie loses most in 2 weeks on tepid asset management outlook"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A pedestrian stands near the logo of Australia’s biggest investment bank Macquarie Group Ltd which adorns a wall on the outside of their Sydney office headquarters in central Sydney, Australia, July 18, 2017. REUTERS\/David Gray\/File Photo<\/span>
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(Reuters) – Shares in Macquarie Group (OTC:) slipped more than 2% on Wednesday after the Australian investment bank flagged that its asset management division will face continued economic headwinds through the first half of 2024.<\/p>\n

The company said its private markets’ assets under management (AUM) of A$326.8 billion ($207.84 billion), as of June 30, was down 3% compared with end-March figures. Macquarie attributed the drop to the expiry of co-investors’ management rights on a specific asset. <\/p>\n

Net other operating income for its asset management arm is substantially down in the first half due to lower investment-related income from green energy financing, Macquarie said, adding that asset realizations are now predominantly expected in the second half. <\/p>\n

Shares of Macquarie posted their worst intraday session since Aug. 17, versus a 0.3% decrease in the benchmark .<\/p>\n

The company had earlier flagged a “substantial” fall in the April-June profit, as weaker trading conditions hurt its crucial commodities business, without disclosing a profit figure in its quarterly update.<\/p>\n

Based on fiscal 2023 net profit contribution from operating groups, Macquarie’s asset management unit contributed about 23% to the company’s earnings in fiscal 2023. <\/p>\n

As of March 31, Macquarie asset management division had AUM, which includes equity yet to deploy, of A$870.8 billion, compared with A$773.1 billion in the year-ago period. <\/p>\n

($1 = 1.5723 Australian dollars) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A pedestrian stands near the logo of Australia’s biggest investment bank Macquarie Group Ltd which adorns a wall on the outside of their Sydney office headquarters in central Sydney, Australia, July 18, 2017. REUTERS\/David Gray\/File Photo (Reuters) – Shares in Macquarie Group (OTC:) slipped more than 2% on Wednesday after the […]<\/p>\n","protected":false},"author":1,"featured_media":2984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-57389","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAustralia's Macquarie loses most in 2 weeks on tepid asset management outlook | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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