Macquarie sees clouds on horizon after stunning profit
Macquarie paid its CEO $24m in a year when it smashed market profit forecasts but says trade faces the most intense pressure in decades. Find out who got the hefty pay packets.
Financial Services
‘More than a bet on the US’: Why Macquarie is cashing up
When volatility strikes, the investment bank reaches for the playbook it developed during the Global Financial Crisis.
Bolton loses court fight for control of Keybridge
Geoff Wilson has won his latest court fight with Nick Bolton for control of ASX-listed fund manager Keybridge Capital.
‘Harder than it looks’: Shayne Elliott on his ANZ legacy
After nearly a decade at the top, Shayne Elliott admits he was ‘a bit naive’ on some issues and ‘should have more courage’ on others. But has he left ANZ as a better bank?
ANZ bond probe ‘short on non-financial risk’: Elliott
Outgoing CEO Shayne Elliott says the latest alleged incident of market misconduct has nothing to do with previous scandals under his lengthy watch.
After playing defence, NAB’s new challenge is how to attack
NAB dominates a market that everyone wants a slice of. CEO Andrew Irvine will need to draw on every ounce of his banking experience to get bigger.
ASIC lashes Macquarie over ‘recurrent’ failures to stop suspicious trading
The corporate regulator has hit out at the millionaire factory’s failure to stop suspicious trading, and slapped it with a remediation plan to help lift its game.
Broker faces legal bill in the millions after court suit fails
After a failed two-year pursuit through the courts, Melbourne-based Fortrend Securities’ boss has been told he will have to pay millions of dollars in costs for a case that was ‘without merit’.
Future Fund has been planning for this market shock for years
The $300bn-plus fund anticipated the forces driving global markets were dramatically shifting. That bet has now paid off.
NAB expects mortgage relief as rates cut, house prices rise
NAB boss CEO Andrew Irvine says Australians should be optimistic for the year ahead as it maintains predictions for interest rates to get to as low as 2.6 per cent by early 2026.
Platinum ‘a falling knife’: Regal
Regal says it walked away from Platinum deal because the price was too high. Beleaguered fund manager’s assets drop below $10bn.
Westpac CEO’s nod to the past to make banking great again
The back-to-basics approach is a nod to Westpac’s golden era under chief executives Bob Joss and David Morgan.
Labor win an ‘enormous positive’ for Australia: Westpac boss
The big four CEO believes there are ‘many opportunities’ for Labor to drive the economy forward amid global uncertainty, and says Australia needs to reduce its reliance on China.
Platinum-L1 merger the cost of losing performance culture
Veteran stockpicker Kerr Neilson can’t get his head around Nvidia’s valuation and says Platinum’s big problem was its move to decouple investment performance from rewards.
What’s in a brand? America Inc tests for ‘Trump tarnish’
Some of America’s biggest corporate names such as McDonald’s, Coca-Cola and Apple are working on strategies to avoid getting caught up in the global anti-Trump blowback.
Why Gemi and Pallas are the private credit names to watch
Sydney’s eastern suburbs are home to two very different tales of the private credit boom, which is largely a $188bn mystery to market regulator ASIC.
Why tax on super’s unrealised gains will drive the rich offshore
Activist fund manager Geoff Wilson says federal Labor’s planned super tax will have enormous unintended consequences and he believes there is a better way forward.
Magellan co-founder blasts ‘shameless’ free-trade propaganda
Chris Mackay appears to have taken a veiled swipe at China for promoting itself as a supporter of free trade while at the same time dumping goods around the globe.
Afterpay-owner Block smashed after quarterly earnings fizzle
The fintech saw as much as $1.7bn wiped off its market value in Friday trading after customers tightened the purse-strings.
Revealed: Labor’s consultants bill equivalent to Morrison’s spending
Anthony Albanese spends as much as Scott Morrison on the services of KPMG, PwC, EY and Deloitte, according to new analysis. Meanwhile, little known Nous is stirring up the incumbents carving out a steady pot of fee-rich work.
Neilson sells Platinum stake on L1 merger talks
Kerr Neilson’s Platinum Asset Management and L1 Capital are in merger talks to create an $18bn asset manager, marking a further shake-out of Australia’s under pressure funds management sector.
Westpac warns of $140m profit hit
Westpac is to kick off a fresh bank earnings season, with analysts watching for commentary around margin pressures as rates fall.
Contrarian shows there’s money to be made from market chaos
Global markets are in turmoil but not everyone is in a state of panic and MFS Investment Management’s Zahid Kassam is making the most of the stock volatility.
HESTA customers ‘imprisoned’ by super fund blackout
Industry super fund HESTA’s seven-week tech shutout of its customers exposes them to the vulnerabilities already identified in an industry battling issues of transparency.
‘Don’t bet against America’: Cbus’ top stockpicker keeps faith
The new head of the $100bn construction-aligned industry fund major intends to keep deploying cash in the US.
Is Dan Murphy’s ready for the Jayne Hrdlicka experience?
The former Virgin Australia boss is known for her take-no-prisoners management style, but will this celebrity CEO have the freedom she needs to revive the liquor retailer?
Private credit tells regulator it wants to keep some secrets
Peak bodies and lenders are largely unified on better protections for retail investors, but at what cost? Some backers say simply asking for more disclosure won’t counter ASIC’s fear of a private credit blow-up.
NZ’s ‘extraordinary’ move delivers Aussie banks big legal win
A move impacting the nation’s biggest class action signals a much closer relationship between business and PM Chris Luxon.
PAX makes push for foothold in local payments market
Chinese payments giant PAX is preparing to push into the Australian market after taking over its local agent, aiming to woo big clients with a security-focused pitch.
‘Waste of time’ to be active in large caps
Microcap specialists Tim Canham and Wik Farwerck are days away from launching a new fund that counts star stockpicker David Paradice as an early investor.
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