Strategy & Practice Management

Macquarie to merge its private bank and wealth division

Australia's Macquarie Group has announced that it would merge its private bank and wealth management business.

Australia's Macquarie Group has announced that it would merge its private bank and wealth management business.

According to a statement, the bank said that the move was to "concentrate its growth strategy on high net-worth (HNW) clients."

The firm revealed that the move would affect some advisers, whom it is trying to assist by "facilitating discussions with other firms and assisting with their transition."

Some news reports indicated that the measure could impact up to as many as a dozen advisers.

The firm said that HNWs are currently the exclusive focus of Macquarie’s private bank, but also comprise a substantial proportion of its wealth management business.

Macquarie’s Head of Wealth Management, Bill Marynissen, said: “Focusing on attracting high net-worth clients is a logical evolution of our private client business and we believe it is a space in which we can be a market leader.”