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Offshore expansion boosts Macquarie result

Offshore expansion boosts Macquarie result

(15 November 2005 – Australia) Macquarie Bank has posted a half year profit of A$482 million, an 88 percent increase over the previous half. The bank’s result was built on strong equity markets and massive offshore expansion, which is now responsible for three quarters of all of its advisory deals.

Macquarie said international staff numbers had grown to more than 2,000, a 32 percent increase over the past 12 months.

But Macquarie chief executive Allan Moss said the bank still had good growth prospects and strong businesses in Australia.

"A key driver of the half was stronger equity market conditions, which particularly benefited the Asian and Australian businesses of the Equity Markets Group. These conditions also contributed to strong performances from institutional and retail stockbroking and good specialist fund activity and performance fees," he said.

Moss said assets under management grew 16 percent over the half year to A$112 billion.

"Market conditions generally also continued to be broadly favourable with good transaction success rates and activity levels," he said.

Moss identified the bank’s specialised funds businesses as a key area for growth, saying they were operating in a very favourable long term global environment.

He said Macquarie was well positioned to benefit from increasing global demand for quality investment products because of its good management record, operational experience, scale and international network.

"There are still many opportunities to pursue in a variety of different markets and geographies," he said.
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