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MQG, MACQUARIE GROUP LIMITED
Mags
post Posted: Jun 30 2018, 11:59 PM
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In Reply To: blacksheep's post @ Jun 30 2018, 10:26 PM

Interesting.

Kinda like how the super fund managers never report the franking credits the members earned........

 
blacksheep
post Posted: Jun 30 2018, 10:26 PM
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In Reply To: Mags's post @ Jun 26 2018, 09:30 AM

Macquarie still appears to be part of this ongoing investigation - https://www.bloomberg.com/news/articles/201...ce-german-probe

This investigation first surfaced back in 2014

QUOTE
The authorities are focussing on trades known by the moniker "cum/ex," a nod to how the trades are structured around the specific timing of dividend payments. The transactions typically involve banks, brokerage firms, hedge funds and wealthy individuals entering into agreements to buy, borrow and sell shares during a brief window of time around a dividend payout, the people said. The carefully coordinated timing of the transactions has produced tax-credit boosts for clients and fees for the banks, lawyers and traders said.


QUOTE
Lawyers and industry officials said that in a typical cum/ex trade, one party, say a hedge fund or brokerage firm, agrees to sell or loan securities just ahead of a dividend payment using an investment bank and sometimes another broker. Another party, in a different country, generally is lined up to buy the shares. "Cum" and "ex" refer to whether a dividend is factored into the price of the underlying stock.

The transactions are dizzyingly complex. They hinge on a lag between when stock loans and other trades are initiated and when they are considered completed, which is the result of wrinkles in the way many stock-market transactions are routed and processed. The result is that multiple parties can appear to simultaneously have owned the shares at the time of the dividend payout.

In some countries, dividend recipients are entitled to tax credits-akin to a voucher-to compensate them for taxes that theoretically would have been withheld from the original dividend payout. Lawyers say cum/ex trading strategies routinely have relied on more than one party appearing to tax authorities that they are owed credits, even if neither party actually paid a tax bill.

That means that international tax authorities have sometimes ended up doling out duplicate tax credits. The investors, bank and broker involved in the transactions divvy up the proceeds. Banks routinely amplified the trades by providing leverage, which boosted profits for all parties, lawyers and industry officials said.


https://www.theaustralian.com.au/business/l...5c4f4de5e39bb0b



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: Mags  
 
Mags
post Posted: Jun 26 2018, 09:30 AM
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It's been a nice ride. I got on board around $50 on the way down, went in on the capital raising at ~$26 IIRC.

Doesn't seem to have got it's hands too dirty in the RC so far.


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blacksheep
post Posted: Jun 25 2018, 03:37 PM
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In Reply To: blacksheep's post @ Nov 27 2017, 07:17 PM

QUOTE
Broke though the $100 barrier today - last time it was this close was 2007 when it briefly hit $98.64. Shortly after we had the GFC, which saw the SP go to a low of $24. Taken 10 years to get back


Updated chart - SP now $122.48.
https://www.shortman.com.au/stock?q=mqg
Attached thumbnail(s)
Attached Image


 




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: May 4 2018, 10:01 AM
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QUOTE
It's 10 years this month since Nicholas Moore took the top job at Macquarie and he will reveal today that the bank has never been in better shape. The full-year accounts to be published today are expected to show Macquarie's profit for the 12 months to March should be nearly $2.5 billion.

The market's consensus, according to Bloomberg, is $2.47bn but Morgan Stanley sits above that with its call of $2.49bn. A result of that size would well exceed the $2.2bn recorded last year and the composition of the figures will be analysed closely. The bank's stock last night closed at $107.75, which remains a record high.

https://www.theaustralian.com.au/business/d...678bdbe1dcde954





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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

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nipper
post Posted: Nov 28 2017, 09:35 AM
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In Reply To: rog's post @ Nov 28 2017, 09:18 AM

MBL is the old code. The CMA, formerly a Trust, is part of the Group. Part of that reconfiguring was to allow for all those $$'s sloshing around to come under the ADI umbrella and thus allowing the Govt guarantee to apply. And, boost the balance sheet, and allow to borrow and thus buy all the assets that have subsequently boosted the SP. The 'higher interest rates' advisory still applies.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: rog  
 


rog
post Posted: Nov 28 2017, 09:18 AM
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In Reply To: nipper's post @ Nov 28 2017, 06:32 AM

I think that Macquarie Banking (MBL) is separate to MQG.



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With money in your pocket you are wise, you are handsome, and you sing well too.
 
nipper
post Posted: Nov 28 2017, 06:32 AM
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In the wake of the financial crisis,
QUOTE
Macquarie began evolving its business model to take advantage of the new environment. Assisted by the Australian government guarantee of its debt, Macquarie was able to swoop in and, where other players were struggling to get funding at a reasonable price, Macquarie was able to buy troubled assets at deep discounts,

In the last decade Macquarie has made more than 20 big deals, spanning renewable energy, aircraft leasing, energy, lending and advisory services. As a result, Macquarie is more accurately now described as an asset manager – and one of the world's largest in the infrastructure space.

MQG has benefited from the powerful trend of ever lower rates since the GFC that pushed investors inexorably into assets such as infrastructure, which offered reliable income. It served to drive valuations higher.

The infrastructure asset management business now accounts for the bulk of Macquarie's earnings. The tailwind of lower rates has been so strong that the potential for rising global bond yields could hit infrastructure asset valuations..
- It is reported the Macquarie CMA is used by a quarter of SMSFs, as historically it has been the most flexible cash account out there. This is changing as other players see what a wonderfully stable source of deposits this can be (believe me). Also, now they are getting greedy, dropping the interest rate more in line with other banks.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
blacksheep
post Posted: Nov 27 2017, 08:03 PM
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In Reply To: nipper's post @ Nov 27 2017, 07:33 PM

Yes, and a change at the top also followed with the departure of Allan Moss shortly after in 2008. Many changes since those days,so good to see today's SP result.





--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Nov 27 2017, 07:33 PM
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In Reply To: blacksheep's post @ Nov 27 2017, 07:17 PM

And didn't Macquarie have a (notorious) cap raising @ $99 in 2007?

Mind you, they say the new assets under management model is very different to the old one.



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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