Macquarie repositions global Cash Equities business

In response to structural changes in the broader market, Macquarie Group (Macquarie) has undertaken a strategic review of its Cash Equities business and taken the decision to focus on the Asia-Pacific (APAC) region.

Macquarie has continued to invest in APAC, building on over 25 years of local experience, access and market intelligence. The APAC Cash Equities business is part of an integrated markets platform, with leading global access to fixed income, foreign exchange and commodities capability. Macquarie is also the highest-ranked house for Australian research and maintains the largest team in the market.

Repositioning the business is expected to lead to a reduced domestic Cash Equities presence in EMEA and the Americas. However, Macquarie will continue to service its global institutional clients, maintaining market-leading Asia Pacific research, sales and execution and providing Asia Pacific corporates with ongoing access to global markets. Macquarie will retain an ECM offering in all regions alongside its global cross-border advisory platform.

As part of its response to the current market environment and decision to focus on its strength in Asia Pacific, Macquarie has entered into a preliminary cooperation agreement with Kepler Cheuvreux, which brings together leading equity trading and research capabilities in Europe and APAC and provides clients with reciprocal access to these core regions. The strategic partnership allows both firms to reach a broader selection of clients, while also combining forces to create unique platform infrastructure in global program trading. Cross-distribution of European and APAC equity research will commence in early 2020. Macquarie is also seeking strategic partners in the Americas to further enhance its client offering.

The outcome of the strategic review centres on Macquarie’s commitment to deliver best service to its institutional and corporate clients, opportunities for staff and appropriate returns for shareholders.