Macquarie Asset Management could pocket hefty returns from asset sales, but deals are taking longer to close.
Macquarie Group’s asset management arm downgraded its short-term outlook as it expects returns from potential asset sales to push out into the second half of the investment bank’s 2024 financial year.
The asset management division – with about $864 billion under management – still expects base fees to be largely in line with last year, but a dip in valuations globally has made it challenging for companies to sell assets, while tougher-talking regulators have made it increasingly difficult to estimate when, or if, deals will close.Elke Meitzelfrom the sale of North American terminal operator Ceres.
Macquarie amended its immediate outlook ahead of chief financial officer Alex Harvey’s scheduled trips to Hong Kong and London this week. He will speak to analysts and investors at Jefferies’ Asia Forum in Hong Kong today, and will address an audience at Goldman Sachs’ annual Australia-New Zealand Investment Forum in London on Thursday and Friday.Asset management raised $2.
At the group level, Macquarie’s capital surplus was roughly $11 billion at June 30, down from $12.6 billion at the end of March after it paid out dividends. For the 2023 financial year ending in March, Macquarie Group recorded a 10 per cent bump in net profit of $5.2 billion.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Taxpayers should back ventures in SE Asia: Former Macquarie CEOPolitical risk insurance and streamlined foreign investment approvals are among 75 recommendations to boost trade and investment with South-East Asia.
Read more »
‘We are listening’: Incoming Qantas CEO says the airline will put customers firstIncoming Qantas CEO Vanessa Hudson has released a video message which outlines the airline's commitment to “looking after” customers with its new management team. “We know that post-COVID, we haven’t always delivered to what our customers expect – but we are listening,” Ms Hudson said. “As a company, our job is to get the balance right between looking after our customers, you our people and the business itself. “Right now, achieving this balance must first start with our customers and that’s what we will be focused on with our new management team.”
Read more »
The Lucy Letby case is the latest stick to beat NHS management with. Here’s what the critics overlookHospital chiefs may be an easy target but the job – especially after years of austerity – is fiendishly difficult, says Guardian columnist Polly Toynbee
Read more »
Super funds were too slow to revalue Canva, regulator findsThe Australian Prudential Regulation Authority says big super funds should have acted faster when venture capital firms wiped billions of dollars from tech darling Canva’s value, as the watchdog ramps scrutiny super funds’ unlisted asset valuations.
Read more »
Owners of deadly NZ volcano have individual charges dismissedA New Zealand court has dismissed individual charges against the three owners of the volcanic island which killed 22 people during a 2019 eruption. Brothers James, Andrew and Peter Buttle were charged for running tours of Whakaari White Island, as tours were deemed unsafe under New Zealand workplace health and safety laws. Charges laid against their company Whakaari Management Limited were not dismissed and will continue in court.
Read more »
Marker for current NSW government is whether they will keep state’s triple A ratingNSW Shadow Health Minister Matt Kean says the marker for the current state’s government is whether it can keep its triple A rating. “We were able to do it because of our sound financial management, the test for Labor is whether they will keep the state’s triple A credit rating and return budget to surplus like we were going to do,” he told Sky News Australia.
Read more »