Economy

Ex-RBA Governor joins Macquarie

Its shares have surged more than 10 per cent since it said last month it expected a solid first-half profit.

Former Reserve Bank governor Glenn Stevens has jumped from being the nation's chief financial regulator to a seat on Australia's biggest investment bank Macquarie Group. Net operating income rose 3.4 per cent to $5.4 billion as performance fees more than tripled to $537 million. As recently as last month the bank had pointed to a full-year result broadly in line with the prior year's all-time high profit.

"The group remains well positioned, with a strong and diverse global platform and deep expertise across a range of products and asset classes", Chief Executive Officer Nicholas Moore said. Its annuity-style operations now contribute the bulk of the bank's earnings. But the profit contribution from its commodities and global markets arm fell 23 per cent during the period.

A professional economist, Stevens is credited with developing Australia's successful inflation targeting framework for monetary policy, in addition to influencing central banking internationally.

Mr Stevens led the RBA through the GFC and framed the policy that drove official interests rates down to the current record level of 1.5 per cent.

As well, Chief Financial Officer Patrick Upfold will from the start of the year take over as chief risk officer from Stephen Allen, who will retire after 25 years at Macquarie.

The bank said strong performance fees helped lift net profit 19 percent to A$1.25 billion ($957.75 million) in the six months to September 30, well above the average A$1.14 billion forecast of analysts according to Thomson Reuters I/B/E/S.

Macquarie plans to pay an interim dividend of A$2.05 a share, up on the A$1.90 payout a year earlier.



Like this

Latest


27 October 2017
Blake Shinn relishing Cox Plate challenge
Should Winx , the victor of her past 21 starts, be able to join such elite company she will do so before a capacity crowd. However, Humidor was no match for Winx when she debuted at Flemington in the Group One Turnbull Stakes .

27 October 2017
Brit faces media ahead of Joshua vs Takam
He wants to put on a show while doing so. "I get sent pictures of me on billboards", the WBA and IBF heavyweight champion said. Metro.co.uk is reporting from Cardiff in association with Betfair - for latest odds go here.

27 October 2017
Police say 10-year-old led them on three-county auto chase
When questioned about his latest joy ride-he tried something similar on October 16-the 10-year-old simply said he was bored. A 10-year-old OH boy was caught stealing his family auto and leading his mother and police on a risky high-speed chase.

27 October 2017
Taj Mahal 'India's Gem', Committed To Its Conservation: Yogi Adityanath
He alleged that the previous governments had worked for the benefit of criminals and anti-social elements. Dinesh Sharma and state Tourism Minister Rita Bahuguna Joshi were present on the occasion.

27 October 2017
Sindhu, Saina, Kidambi, All Start French Open Campaign With a Bang
Srikanth will face Hong Kong's Wong Wing Ki Vincent , whom he had beaten in straight games last week en route to his title. The Indian pair defeated Frenchmen Bastian Kersaudy and Julien Maio 21-12, 21-14 in 30 minutes.

27 October 2017
BTI Makes Bullish Cross Above Critical Moving Average
The VC1 is calculated using the price to book value, price to sales, EBITDA to EV, price to cash flow, and price to earnings. Looking further, the MF Rank (aka the Magic Formula) is a formula that pinpoints a valuable company trading at a good price.

27 October 2017
Eminem's Doing The Most Eminem Thing W/ His $415000 Lawsuit Winnings
The publisher had exclusive control over the song, and rarely gave permission for its use in advertising, the court said. The company was awarded $415,000 plus interest in damages.

27 October 2017
Know the astonishing details of separation surgery of Odisha conjoined twins
One of the babies was shifted to ICU at 11.45 pm and the other baby at 2.30 am, a statement said. The condition of Kalia is much better than his brother Jaga, informed sources.

27 October 2017
Sirius XM Holdings Inc. Bottom Line Advances 42% In Q3
The highest price SIRI stock touched in the last 12 month was $5.89 and the lowest price it hit in the same period was $4.07. The stock of Canadian REIT (TSE:REF.UN) earned "Sector Perform" rating by National Bank Canada on Friday, November 6.

27 October 2017
"Golmaal Again" zooms past 100cr in five days
Ajay Devgn's Golmaal Again has performed pretty well in its opening weekend at the worldwide box office collecting 87.60 crores. While actress Tabu, Parineeti Chopra, and Neil Nitin Mukesh are the newest additions to the Golmaal family.



Recommended