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  • 5 months later...

from the DJ news wires...


The Australian antitrust regulator's decision not to oppose a possible bid from Macquarie (MQG.AU) for ANZ's (ANZ.AU) vehicle-finance unit could mean a capital raising is on the cards for the investment bank, Morgan Stanley says. Based on hypothetical sale-price scenarios for the Esanda business of A$1 billion-A$1.5 billion, the brokerage estimates Macquarie would need to raise between about A$600 million and A$1.1 billion to fund an acquisition. It also estimates a purchase would offer an about 3% lift in EPS at the bottom end of that price range but would be EPS neutral at the top end, before any synergy benefits. Still, Morgan Stanley says an acquisition would be low risk for Macquarie given it already has a dealer-finance business.

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  • 11 months later...

apart from a bit of a stumble, early this year (along with most other stocks), Macquarie Group has been doing OK over the last 5 years. The sum of the parts ( global provider of banking, financial, advisory, investment and fund management services) allows for smoothing of the way when one sector fires while another may not. Recently, it is transforming from an advisory to an assets management business, where annuity style income is more predictable.


One part of the outfit that doesn't hit the radar too often is its banking business

Macquarie Group is better known for its infrastructure investments than retail banking operations but the financial services giant is preparing to use Netflix-like technology in order to win a greater slice of the personal banking pie.


While ANZ Banking Group has been grabbing headlines for poaching Maile Carnegie from Google, Macquarie has been quietly recruiting a team of mathematicians, software developers and machine learning engineers to beef up its digital banking offering. Macquarie will on Thursday launch a new digital banking offering which employs the same technology used by Netflix and Apple to give customers the kind of experience they would have with Facebook or Spotify.


Macquarie's personal banking boss, Ben Perham, says the idea is to stop thinking like a bank and look at the kind of customer experience that the best digital companies in the world are providing. This means the competitor is not another bank, but the last app a customer used.


"We need to compete to be on the home screen of your phone. We need to earn the right to be on your home screen by being your favourite app," he says.


The biggest digital battleground for the consumer dollar is in the banking sector. ANZ said this week around a quarter of a million of its customers are using Apple Pay. This is well beyond expectations ahead of the service's launch four months ago.


Macquarie is also determined to get a slice of the action and says its new platform will put it ahead of its major competitors in the technology arms race. One advantage it has over the four majors is that its deposits and loans are on the same core banking system because it does not have the legacy infrastructure of its more established rivals.


The new Macquarie offering feels more like a social media site than a banking app. Customers log onto a personal dashboard featuring an array of pie-charts and bar charts outlining what they are spending their money on. The platform can upload receipts and set budgets and savings goals.


It uses "how-you-speak" technology which means customers can type or speak into the application as they would in real life to find the information you are after (think Siri on your iPhone). For example: "how much did I spend in Thredbo last month" will automatically give you a total of the money you spent on your last ski trip.


Macquarie has 1.1 million customers in its banking and financial services group but does not break this down into personal banking customers. The four major banks ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ ANZ, Westpac, NAB and Commonwealth Bank ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ have the biggest share of the retail banking market and all four are competing hard in the digital space. Macquarie is offering customers no monthly fees and no fees when they use their card at any ATM in Australia as it ramps up the battle to win more customers.


CBA says it had 5.6 million active online users at June this year and 3.7 million people using its CommBank app. The average number of logons per week for the CommBank app is 24 million, while the volume of mobile logins via a mobile device has risen from 43 per cent in June 2012 to 75 per cent in June 2016.


Macquarie, which launched Android Pay in July, reported strong growth in mortgages, business lending and deposits in the 2016 financial year. It also told investors it was spending more on technology projects to support growth.

as an observation, the Macquarie Cash Management Account is used by some 25% of SMSFs, and it would be fair to say cash balances in the CMAs are running at considerably higher levels than day accounts used for most retail banking.

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  • 8 months later...

Macquarie Group Ltd (MQG) released its FY17 results, posting a 6.3% increase in EPS to $6.58 and an improvement in ROE from 14.7% to 15.2%.


Profit growth across its Corporate and Asset Finance, Banking and Financial Services, Commodities and Global Markets and Capital divisions contributed to the strong result, which was slightly offset by a weaker Asset Management division.


The company declared a FY17 dividend of $4.70, up 17.5%. Looking ahead, the company expects its FY18 result to be broadly in line with FY17.

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  • 3 months later...

Australia Pitches Trump on a Plan to Fix AmericaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Roads and Bridges

Ambassador Joe Hockey views the U.S. as a ripe market for investment, and Australians are keen to bid on any potential assets that would be up for sale or lease.

By Mark Niquette


The brains behind the idea is Joe Hockey, AustraliaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s ambassador to the U.S. Hockey put the asset recycling program in place when he was AustraliaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s treasurer and is now trying to persuade the Trump administration to do something similar. Over the past few months Hockey, along with executives from IFM Investors, an A$82 billion Australian investment consortium, and such companies as Macquarie Group, have met with administration officials, including Vice President Mike Pence, Commerce Secretary Wilbur Ross, and DJ Gribbin, TrumpÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s special assistant for infrastructure policy. TheyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢ve also reached out to dozens of members of Congress.




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  • 2 months later...

Macquarie stock hit an intra-day high of $99.75 on Friday, about 50ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ higher than the previous record high set in May 2007



[in staff surveys], Macquarie employees sent a clear message to chief executive Nicholas Moore to direct the bank's energies toward servicing a low-carbon economy.


Employees were asked where the best money-making opportunities would be in the years ahead. They came back with three words ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ renewables, infrastructure and technology. All three words come into play when you think about the enormous financing requirements that go with governments making commitments to cutting national carbon production and hitting renewable energy targets


Macquarie and Macquarie-managed businesses have more than 9000MW of diversified renewable energy assets in operation. Since 2010 it has invested or arranged about $15 billion of investment into renewable energy projects.


Nicholas Moore says ... that the past 12 months has seen a tipping point in the relative attractiveness of renewable energy.


"There's a number of important landmarks that we've seen in recent times that really shows that green energy is coming into its own," he says. "There was an auction for offshore power in Germany in the last 12 months which was significant. This auction was for offshore wind power ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ wind farms built in the North Sea. We noted that the winner actually was with a zero subsidy from the government."


Moore says he has seen reports showing that more money was spent last year on renewable power than on conventional power.


"Again, that is showing that tip-over point has been reached in terms of where the economics of renewable power actually are now comparable with conventional power," he says. "We think that's very important. Obviously looking at history the cost of renewable power is coming down consistently with technology.


"Now depending upon which curve you look ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ it might not quite be Moore's law in terms of what's happening there ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ but certainly the efficiencies do seem to be happening with photovoltaic. It does seem to be happening with wind probably at a slightly lesser pace but actually there's still quite a development taking place."

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  • 4 weeks later...

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