Macquarie will merge its private bank and private wealth divisions as part of a renewed focus on high-net-worth clients, resulting in some advisers leaving the business.
Macquarie's private bank business, which focuses exclusively on high-net-worth clients, has been folded into the group's wealth management business.
The merger of the two groups reflects a renewed focus on wealthier clients, which Macquarie defines as those with assets of $1.3 million of more.
The strategy reflects the path taken by NAB, which announced the sale of MLC and a renewed focus on its high-net-worth JBWere business.
The merger will "impact a number of advisers", according to a statement by the company.
"Macquarie is supporting these advisers in a number of ways, including by facilitating discussions with other firms and assisting with their transition," it said.
Macquarie head of wealth management Bill Marynissen said: "Focusing on attracting high net-worth clients is a logical evolution of our private client business and we believe it is a space in which we can be a market leader."
"We have carefully assessed growth opportunities in the high net-worth segment against the strong fundamentals of our business.
"These include a deep understanding of the high net-worth segment, our wealth and banking expertise and suite of solutions, and the capacity to build on our existing digital capabilities," Mr Marynissen said.
The wealth giant’s shares are in a trading halt as it prepares a capital raise, with rumours swirling that it is set to acquire MLC. ...