Macquarie Group

While I miss the cream desserts from Macquarie Group’s boom-time annual meetings, shareholders at yesterday’s annual meeting were craving the higher profits and dividends. As usual chief executive Nicholas Moore refused to specify what an acceptable return on equity would be through the cycle, saying only that the market-facing businesses will remain as part of Macquarie despite their current poor performance. Return on equity from the remaining businesses, such as funds management and corporate and asset finance, remains very healthy despite tepid growth. Moore has been cutting costs and could easily increase return on equity by indiscriminately selling poor...

While I miss the cream desserts from Macquarie Group’s boom-time annual meetings, shareholders at yesterday’s annual meeting were craving the higher profits and dividends. As usual chief executive Nicholas Moore refused to specify what an acceptable return on equity would be through the cycle, saying only that the market-facing businesses will remain as part of Macquarie despite their current poor performance. Return on equity from the remaining businesses, such as funds management and corporate and asset finance, remains very healthy despite tepid growth.

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