Powered by MOMENTUM MEDIA

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.

Advertisement
Advertisement

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
Macquarie
ID logo

related articles

promoted stories

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.