Macquarie Chief Seeks Growth After Challenging Year and Investor Concerns
Macquarie’s interim results fell short of expectations, causing a decline in its share price. This was partly due to the writedown of offshore wind assets and weaker earnings in the commodities division.
Chief Executive Shemara Wikramanayake committed to focusing on organic growth and expanding private market investments to overcome a difficult period and address investor uncertainty about the company’s future earnings.
The asset manager and investment bank reported profits about 12% below market forecasts. Although performance fees from asset management improved, they were outweighed by losses from offshore wind investments and reduced commodities income.
“Macquarie chief executive Shemara Wikramanayake has vowed to prioritise organic growth and make further inroads in private market investments,”
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Author’s summary: Macquarie’s CEO plans to drive organic growth and boost private market investments after the firm faced earnings setbacks and investor concerns in a tough financial year.
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