Macquarie Chief Focuses on Growth After Challenging Year
Macquarie’s results fell short of expectations, causing a drop in share price as offshore wind assets were written down and earnings from the commodities division weakened.
CEO's Growth Strategy
Shemara Wikramanayake, Macquarie’s chief executive, has pledged to prioritize organic growth and expand further into private market investments. This approach aims to overcome a difficult year and ease investor concerns about the company’s earnings outlook.
Financial Performance
The asset manager and investment bank reported interim profits approximately 12% below market forecasts. Although higher performance fees from the asset management division provided some support, they were offset by the writedown of offshore wind assets and softer income from the commodities business.
"Macquarie chief executive Shemara Wikramanayake has vowed to prioritise organic growth and make further inroads in private market investments, as she seeks to shrug off a tough year and investor worries over the company’s earnings prospects."
Additional Information
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Author's summary: Macquarie’s CEO aims to drive organic growth and expand private market investments to recover from a tough year marked by weaker profits and asset writedowns.