Macquarie Chief Plans Growth Amid Challenging Year
Macquarie Group's interim results missed market expectations, leading to a drop in share prices. This was driven by writedowns on offshore wind assets and weaker earnings in the commodities sector.
CEO's Growth Strategy
Shemara Wikramanayake, Macquarie's chief executive, emphasized focusing on organic growth alongside expanding investments in private markets. She aims to overcome the difficulties faced during the past year and address investor concerns about future earnings.
Financial Performance Overview
- Profits were approximately 12% below market forecasts.
- Asset management performance fees increased, providing some support.
- However, write-downs in offshore wind and reduced commodities income weighed heavily on results.
Macquarie chief executive Shemara Wikramanayake stated she will prioritise organic growth and extend private market investments to counter a tough year and investor jitters.
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Summary: Macquarie’s CEO commits to organic growth and private market expansion amid earnings setbacks and investor concerns following a difficult financial year.