Macquarie Views Larger Private Banking Presence In Australia, Asia

Vanessa Doctor

7 October 2010

Macquarie's private banking unit is ramping up its staff roster in Australia and its business presence in the rest of Asia as it seeks to take a larger share of the region's growth.

In a speech at the Reuters Global Private Banking Summit, Guy Hedley, the head of business, said that over the next three years the bank will increase its banker numbers to 40, reportedly noting, "Asia Pacific is going to be the fastest growing market for the next number for decades." The bank, he said, is specifically looking at Australia, north Asia, and southeast Asia for now, with a plan to include India soon.

At present, Macquarie has 70 bankers in Australia and another 30 in partner teams within the firm. The expansion plans come alongside latest figures from the Merrill Lynch/Capgemini World Wealth Report, which states that as of 2009, Australia is home to about 173,600 high net worth individuals with a combined wealth of $519.4 billion.

The majority of Macquarie's services are targeted towards those with A$5 million (around $4.91 million) to A$500 million in investable assets.