Macquarie has reported a boost in its wrap inflows and adviser numbers, while its life insurance business is poised for growth.
Net inflows into Macquarie's wrap business increased 23 per cent in the December quarter from the same quarter in the previous year, the firm told the Australian Securities Exchange (ASX) yesterday.
Overall, the group expects its second-half profit to be in line with its first-half profit of $479 million.
The December quarter operating results for banking and financial services were broadly consistent with prior quarters, with growth in funds under management and client numbers, Macquarie managing director Nicholas Moore said.
The firm also reported a growth in adviser numbers for the business to a total of 570 advisers. The number of advisers included those in its Canadian retail business Blackmont Capital (Blackmont).
Macquarie bought Blackmont in October 2009 for $100.4 million.
Moore said acquisitions like Blackmont will strengthen Macquarie's product offering and global presence.
The Blackmont acquisition added $8.5 billion in assets under management to the group.
According to its statement to the ASX, high net worth clients are growing at an average of 10,000 clients per month.
Macquarie also outlined plans to grow its insurance businesses.
Macquarie Life currently manufactures and distributes products to the independent financial adviser channels.
In March 2007, Macquarie Life launched its FutureWise life insurance product, which has now reached $50 million in annual inforce premiums.
The business aims to broaden distribution by developing alliances with other organisations, the statement said.
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
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