At a Glance
"Respectful treatment by colleagues"
Culture can be "very cliquey"
"Very bright, particularly in infrastructure space; great place to learn modelling (best in the business)"
"Lost its infrastructure edge"
"Good at what it does; becoming international"
"Little known; third-tier investment bank in Europe"
About Macquarie Group Europe
Made in Australia
Although the Australian banking and financial services giant Macquarie Group Limited has had a presence in London since the 1980s, it didn't become a household name there until 2005 when it famously failed to buy the London Stock Exchange. Macquarie's £1.5 billion offer was less than the LSE's share price at the time and was, as one journalist put it at the time, "laughed all the way out of town." The LSE's share price has since fallen well below Macquarie's offer, and Macquarie is no laughing matter. The bank has built a solid reputation in Europe with its gung-ho dedication to investing in low-risk infrastructure investments, holding stakes in several major European airports, a fleet of London buses, ferries, tunnels, toll-roads and motorways.
The global banking and financial services group has European headquarters in London, boasting an employee headcount of more than 1,300 professionals in Europe, the Middle East and Africa. It also has a European network with offices throughout Western Europe and Russia. Macquarie's diversified product and services offering spans banking, finance, advisory, investments and fund management. The group attributes its success to its "robust" risk management framework, and it has the numbers to back this up—its credit crunch losses have been fewer than most of its peers. As of March 31, 2009, Macquarie had AUS$243 billion of assets under management.
Born in '69
Macquarie's origins date back to 1969 when three men founded Hill Samuel Australia bank in Sydney, a wholly owned subsidiary of UK merchant bank Hill Samuel & Co Ltd. The bank grew quickly thanks to its expertise in a diverse range of financial services and products. It wasn't until the 1980s, 15 years after Hill Samuel was first established in Australia, that the bank's directors decided to restructure their firm into an Australian trading bank; they received government approval to do so in February 1985. At that time, they renamed the bank Macquarie after the popular early Aussie governor, Lachlan Macquarie (1761 to 1824), who is fondly remembered for figuring out how to solve the then looming problem of a currency shortage by purchasing Spanish silver dollars and punching out their centres to create two new coins, the "Holey Dollar" and the "dump," ingeniously increasing their worth while doubling the number of coins in circulation. This prevented currency leaving the British colony.
Hill Samuel's directors chose the Holey Dollar as the logo to represent their new banking entity, as they regarded Governor Macquarie's ingenious creation of the Holey Dollar as being the ultimate "inspired" solution to a "difficult" problem.
New chief More recently, in May 2008, Macquarie got a new CEO as longtime leader Allan Moss stepped down after nearly 15 years in the chief executive's office. He was succeeded by Nicholas Moore, who previously served as head of the Macquarie Capital business, which accounts for over half of the group's profits. David Clarke, Macquarie's chairman, called Moore "the obvious choice" to succeed Moss, citing his "remarkable vision, energy and acumen."
Moore has been with Macquarie for two decades, and has held a seat on the executive committee for more than 10 years. He is credited with leading Macquarie Capital's growth in corporate advisory, institutional stock broking, equity capital markets and infrastructure funds; his successor there is Michael Carapiet, former global joint head of Macquarie Capital Advisers.
The groups and divisions
Macquarie Group Limited is listed on the Australian Stock Exchange as MQG. In the UK, it owns Macquarie Bank International and is regulated by the UK's Financial Services Authority. Macquarie Group is organised into five key operating groups (Macquarie Capital, Macquarie Securities, treasury and commodities, Macquarie Funds Group, and banking and financial services) and two divisions (real estate banking, and corporate and asset finance).
Macquarie Capital (MacCap) provides corporate advisory, equity underwriting and specialised funds management businesses (including infrastructure and real estate funds). MacCap's services include mergers and acquisitions, takeovers and corporate restructuring advice; equity capital markets, equity and debt capital management and raising; specialised funds management; debt structuring and distribution; private equity placements; and principal products.
Macquarie Securities is made up of three subgroups: cash, which is a full-service institutional cash equities broker in the Asia Pacific region. In Europe, it operates as a specialised institutional cash equities broker; Delta 1, which oversees the group's equity finance, arbitrage trading and synthetic product businesses, catering to both institutional and hedge fund clients; and derivatives, which offers equity-linked investments, trading products and risk management services to clients around the world.
The treasury and commodities group encompass a range of products and services relating to commodities, futures, debt, interest rate and credit derivatives, foreign exchange and emerging market bond broking. The Macquarie Funds Group is a full-service fund manager, offering a diversified range of funds-related products and services. Finally, Macquarie's banking and financial services group offers banking services to private and corporate clients, in addition to brokerage services, private portfolio management, mortgage management, credit cards, funds management and life insurance.
The real estate banking division's activities encompass listed and unlisted real estate funds management, asset management, real estate investment, advisory, development management and real estate project and development financing. The corporate and asset finance division—located in Australia, New Zealand, Asia, North America and Europe—specialises in providing leasing and asset finance services, debt and finance solutions, asset remarketing, sourcing and trading.
CityPoint, Level 35
1 Ropemaker Street
Phone: +44 (0) 20 7065 2000
Employer Type: Public
Stock Symbol: Sydney
Stock Exchange: ASX
Chief Executive: Nicholas Moore
2010 Employees (All Locations): 14,600