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Business Standard
24-07-2025
- Business
- Business Standard
Macquarie replaces CFO Alex Harvey as regulatory probes intensify
By Adam Haigh and Ambereen Choudhury Macquarie Group Ltd.'s Alex Harvey will step down as chief financial officer, abruptly ending his almost three-decade career despite being seen as a contender to lead the Australian giant that's beset by regulatory probes. Harvey, 54, will also leave Macquarie's executive committee at the end of December and retire the following year after handing over to deputy CFO Frank Kwok, according to a statement Thursday from the Sydney-based firm. Harvey has spent the past eight years as CFO. The company didn't say why he was departing. The move comes as Chief Executive Officer Shemara Wikramanayake appears before investors, along with Chair Glenn Stevens, at the firm's annual general meeting in Sydney on Thursday. They are expected to face questions amid scrutiny over senior executive compensation following a string of probes. Harvey is one of multiple internal candidates who were seen as potential successors to the current chief. Wikramanayake has been in the role since 2018. 'We still have a very strong bench at multiple levels,' Stevens said on a call with reporters. 'We are pretty confident in that group of people' and the board meets with them all regularly, he said. Macquarie also said that first-quarter profit fell from a year earlier. Improved performance in its banking and financial services division, as well as in Macquarie Capital, was overshadowed by lower contributions from asset management and its commodities and global markets division. Macquarie has among the highest-paid bankers in Asia. Harvey's annual remuneration increased to A$8.2 million ($5.4 million) in fiscal year 2025 from A$7.9 million a year earlier, according to its annual report. He also had a A$10.36 million loan from Macquarie as of the end of March — one of only two key managers who took out borrowings from the firm. Harvey joined Macquarie in 1998, and was CEO of Macquarie Group Asia from 2011 to 2014. He took on additional responsibilities in January to be head of people and engagement, on top of his role as head of financial management and CFO. While Macquarie's remuneration system is strongly supported by shareholders, Stevens said, some shareholders have the view that the board hasn't adequately reflected risk shortcomings in decisions. Stevens said the firm continued to work on strengthening its risk culture. The bank has 142 'matters involving conduct or policy breaches that resulted in formal consequences,' according to company presentation slides. That is up from 131 in 2024, it said. Australia's markets regulator is suing Macquarie's local securities business, alleging that it misreported millions of short sales for more than 14 years. The Australian Securities and Investments Commission's case, announced in May, was the fourth time in a little over a year that it brought action against Macquarie. It reignited concern about governance across the firm, whose operations range from investment banking to asset management. 'Where shortcomings are identified, the board holds staff accountable, seeks to incentivize future improvement and reflects on what the issue might tell us about the organization's culture,' Stevens said in the statement.
Mint
30-05-2025
- Business
- Mint
Nomura Sees Big Opportunities to Grow in US Despite Turmoil
Nomura Holdings Inc. is setting its sights on the US for growth despite the current turmoil surrounding the world's biggest economy. Japan's largest brokerage said it's strengthening its focus on the Americas through 'strategic resource allocation,' according to an investor day presentation, which touted the 'big opportunities' there. The firm plans to advance targets for its investment management and wholesale banking businesses by pursuing long-term growth in the Americas, it said. 'Currently, market volatility is increasing due to global tariff negotiations, and the US can be said to be the epicenter of all this,' Chief Executive Officer Kentaro Okuda told investors on Friday. 'However, in our company's global strategy, the US is the most important area rich in business opportunities, and this will not change in the future.' Nomura is in expansion mode, having recently clinched a $1.8 billion deal to buy Macquarie Group Ltd.'s US and European public asset management business. The firm's optimism toward the US comes against wider sentiments that are more worried about President Donald Trump's trade policies overshadowing global growth prospects. In its presentation, the Tokyo-based firm also said it aims to boost revenue from trading and investment banking business by 15% to 20% in dollar terms by March 2031. It plans to expand in private credit, structured and solutions, equity trading in Europe and Asia, and international wealth management. Led by ex-JPMorgan Chase & Co. executive Christopher Willcox, this wholesale banking arm will seek to 'ramp up productivity' of bankers in advisory business as well as global markets sales and trading operations. The division accounts for about half of Nomura's overall net revenue. Meanwhile, Nomura also introduced a ¥50 billion pretax profit target for its newly created banking division for the year ending March 2031. Nomura earned a record net profit last fiscal year, joining Wall Street titans in benefiting from trading while enjoying a boom in dealmaking and retail investing in Japan. The firm posted a 72% increase in income before taxes to ¥472 billion in the year ended this March. At last year's investor day, the management unveiled a target to lift annual pretax profit to more than ¥500 billion by March 2031. It had also identified India and the Middle East as growth opportunities. This article was generated from an automated news agency feed without modifications to text.
Bloomberg
31-03-2025
- Business
- Bloomberg
Macquarie Sees Oil in the Low $60s and a Looming Refining Crunch
Oil will likely fall to the low $60-a-barrel range — levels last seen in 2021 — as markets remain oversupplied, Macquarie Group Ltd. predicts. Brent futures earlier this month touched a three-year low of about $68 as a deteriorating global economic outlook added to concerns about demand in a year when global oil production growth is expected to vastly outstrip an increase in consumption. That marked a reversal from mid-January, when crude had topped $80 as significant US sanctions on Russia bolstered prices.
Bloomberg
05-03-2025
- Business
- Bloomberg
Stonepeak's Mike Dorrell Mints $9 Billion Infrastructure Fortune
Infrastructure investing in the US was starting to boom in 2007 and Mike Dorrell was looking to capitalize on his expertise. Dorrell, a managing director for Australian bank Macquarie Group Ltd., and colleague Trent Vichie went to Blackstone Inc. and successfully pitched the alternative-investment giant on building out an in-house business buying assets like pipelines, cell phone towers and toll roads.
