Macquarie restructures to target HNWs

Tim Stewart
— 1 minute read

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.


Macquarie restructures to target HNWs
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