Shares in the investment giant slumped after it warned of a weaker first half for its flagship asset management business.
Investment giant Macquarie Group has warned of a weaker first half as a tougher deal environment slows earnings in its flagship asset management business, sparking a slump in its price.
Shares in Macquarie closed 3.8 per cent lower to $170.21 a share on Wednesday, although investors and analysts said it was largely a reflection of the trading environment.TMS Capital portfolio manager Ben Clark said the news from Macquarie was not significant, especially amid a patchy pickup in merger and acquisition activity this year.
“You want some competitive tension when selling assets, and we know financing conditions globally are tight, and debt funding has become more expensive and harder to source. Macquarie has a lot going on in Europe, especially in its green infrastructure division, and conditions there are even tighter than they are in the US.”
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