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Group contribution to profit
based on internal management accounts before tax and profit share
Full Year to 31 Mar 2010: 10 per cent
Full Year to 31 Mar 2009: (14) per cent
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| Staff: Approximately 3,260 |
| Activities: BFS is the primary relationship manager for Macquarie Group’s retail client base. The Group brings together Macquarie’s retail banking and financial services businesses providing a diverse range of wealth management products and services to financial advisers, stockbrokers, mortgage brokers, professional service industries and the end consumer |
| Locations: Australia, Canada, Hong Kong, India, New Zealand, Singapore, the UK and the US |
BFS provides a full range of services in the retail banking and financial services sector in Australia and internationally. It aims to provide the highest level of client services for all Macquarie retail clients.
Macquarie Adviser Services
Macquarie Adviser Services manages relationships with external financial intermediaries and provides sales services and product management of in-house and external products including retail superannuation, mortgages, investment lending, Macquarie life insurance, Coin Financial Planning software and outsourced paraplanning. The division includes a full range of cash products including the Cash Management Account, Cash XL and Term Deposits and the Macquarie Wrap administration service which has $A22.5 billion in funds under administration.
Macquarie Direct
Macquarie Direct provides a range of consumer and financial products for 154,000 non-advised clients in Australia. This includes self directed stock broking through the Edge online trading platform, Macquarie credit cards and cash products. The division manages a full range of credit card offerings ranging from prepaid to low rate, low fee cards through to premium cards. The business also offers a white label partnering capability.
Macquarie Global Investments
Macquarie Global Investments provides the group with product development capabilities for retail and wholesale investors globally. The division includes the Macquarie Professional Series, Macquarie Private Portfolio Management and the Macquarie Pastoral Fund which owns 16 pastoral properties throughout Australia’s eastern seaboard, raising cattle, sheep and a variety of crops.
Macquarie Private Wealth
Macquarie Private Wealth maintains direct relationships with over 197,000 clients offering a diverse range of services including full-service broking, strategic financial planning, executive wealth management and private banking.
The Macquarie Private Wealth stockbroking business is Australia’s leading full-service retail stockbroker, by market share and trading volumes, and the division continues to significantly grow its adviser base as well as its client numbers. The division currently has a 51% interest in online foreign exchange company OzForex, which also has subsidiary outlets UKForex and CanadianForex, and has a strategic partnership with WHK Group Limited, a listed major Australasian financial services company and a member of Horwath International.
Macquarie Relationship Banking
Macquarie Relationship Banking provides innovative banking services to successful small to medium sized businesses, professionals and high net worth individuals.
Banking services include finance for business growth, premium funding, business and property acquisition and succession planning. The business also provides deposit facilities and payment collection systems to the professional services sector. Other core activities include financing business insurance premiums and providing flexible lending facilities to active property investors.
The division also has operations in the UK providing business lending services to the UK insurance broking industry.
BFS North America
BFS North American is responsible for expanding BFS’ mortgages, banking, premium funding and the new Macquarie Private Wealth Canada into the North American market. This process has already begun with the acquisition of Blackmont Capital Inc, a full service wealth management and investment dealer with approximately 410 full time staff members in 12 offices in five Provinces across Canada.
The division also runs Macquarie Premium Funding, formerly Insurance Pay Canada one of Canada's largest premium funding companies which Macquarie 100% acquired in 2007. The Group operates a Canadian mortgages business which saw record mortgage origination volumes during the past 12 months.
BFS Europe and Asia
BFS Europe and Asia is responsible for expanding BFS’ wealth management business into the Asian, United Kingdom and European markets.
It has a joint venture agreement with the Indian company Religare to offer advice and wealth management solutions to high net worth investors in India. International Wealth Management also recently established a Private Wealth business in Singapore and is planning to expand into other Asian Markets. It has launched a premium platform service in the United Kingdom.
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