Mac cuts down infrastructure unit
(27 October 2010 – Australia) Macquarie Group has axed around 60 jobs from the bank’s infrastructure investing arm, as part of a shakeup of the unit, the Financial Times has reported.
Macquarie recently closed its third European infrastructure fund to new investors at 1.2 billion euros (A$1.7 billion), less than a quarter of the initial target, which has in-turn resulted in the restructure.
The fund, which is three-quarters invested, consists of only two investments- stakes in Copenhagen and Brussels airports.
The Financial Times cited the bank’s global head of infrastructure, Martin Stanley, as saying that many of the redundancies occurred among the support staff.
Mr Stanley reportedly also added that Macquarie was still hiring after recently appointing 10 graduate trainees to its infrastructure team.
The fund, which is three-quarters invested, consists of only two investments- stakes in Copenhagen and Brussels airports.
The Financial Times cited the bank’s global head of infrastructure, Martin Stanley, as saying that many of the redundancies occurred among the support staff.
Mr Stanley reportedly also added that Macquarie was still hiring after recently appointing 10 graduate trainees to its infrastructure team.
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