Macquarie Group
An Australian-headquartered global financial group spanning banking, asset management, investment banking, commodities and infrastructure investing. Company
Last updated November 1, 2026
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Overview
Macquarie Group Limited is an Australian multinational financial group headquartered in Sydney and listed on the Australian Securities Exchange. It operates through banking and financial services, asset management, infrastructure and real-asset investment, investment banking, securities, commodities, energy and financial markets businesses. The group serves institutional investors, governments, corporations, financial institutions, advisers, businesses and retail customers across international markets. The organization began on 10 December 1969 as Hill Samuel Australia Limited, the Australian subsidiary of the British merchant bank Hill Samuel & Co. Stan Owens established the business in Sydney with a small founding team. It became profitable during its first year and expanded from corporate finance into a broader set of capital-markets activities. During the 1970s it opened offices in Melbourne and Brisbane and completed significant financings, including a US$60 million mandate for John Lysaght Australia. Australia's financial deregulation during the 1980s created the conditions for a major strategic change. Hill Samuel Australia received approval in February 1985 to become Macquarie Bank Limited, then only the second private trading bank established in Australia in the modern era. Macquarie expanded into bullion dealing, foreign exchange, stockbroking, leasing, funds management, structured finance and international banking. Its risk-management framework helped limit the group's exposure during the 1987 global share-market crash and became an important part of its operating identity. Macquarie's infrastructure-investment business began in 1994 with the underwriting and placement of equity for Sydney's Hills Motorway. The group subsequently developed substantial capabilities in infrastructure funds, real assets, energy, transport, utilities and related asset management. This business became one of the most recognizable parts of the Macquarie franchise and helped establish the group as a major global infrastructure manager. Macquarie also expanded into private banking, residential mortgages, real-estate investment vehicles and other specialized financial products. International expansion accelerated during the 1990s and 2000s through offices, acquisitions and new investment platforms in North America, Europe and Asia. Important transactions included the acquisition of Bankers Trust Australia's investment-banking operations, the Asian cash-equities business of ING, Delaware Investments in the United States, and numerous energy, leasing, wealth-management and financial-markets businesses. In 2007, Macquarie Group Limited became the group's non-operating holding company, separating banking and non-banking operations while supporting further international growth and regulatory compliance. The group has also owned or financed assets in sectors such as water, gas, electricity, telecommunications, aviation and transportation. Its ownership of Thames Water in the United Kingdom generated sustained public and political criticism over leverage, dividends, investment and environmental performance after the investment period. Macquarie has disputed some of the criticism and emphasized the infrastructure spending undertaken during its ownership. In 2021 it acquired a majority stake in Southern Water, and in 2024 Macquarie completed the purchase of the remaining interest in National Gas from National Grid. Today, Macquarie is organized around four principal operating groups supported by shared services. Macquarie Asset Management invests across infrastructure, real assets, equities, fixed income, multi-asset and alternative strategies. Banking and Financial Services provides personal, business and wealth-related services. Commodities and Global Markets operates across commodities, energy, financial markets, equities and credit. Macquarie Capital provides advisory, underwriting, principal-investment and corporate-finance services. The…
History
Macquarie was established on 10 December 1969 as Hill Samuel Australia Limited, the Australian subsidiary of Hill Samuel & Co. Stan Owens developed the proposal for the Australian operation and became its executive chairman. The first office was at Gold Fields House near Sydney's Circular Quay, and the original team was small. The business reached profitability within its first year and began building a domestic corporate-finance franchise. During the 1970s, Hill Samuel Australia obtained large financing mandates and opened offices in Melbourne and Brisbane. In 1971 it arranged US$60 million of financing for John Lysaght Australia, then one of the country's largest such mandates. The company broadened its activities as Australian financial markets developed. The 1980s brought major deregulation, including the floating of the Australian dollar and changes affecting foreign banks. Hill Samuel Australia used this opening to propose a substantially Australian-owned and controlled bank. Approval was granted on 28 February 1985 for the company to become Macquarie Bank Limited. The new bank added bullion trading, round-the-clock foreign exchange, stockbroking, corporate leasing, funds management and structured finance. Macquarie also opened offices in London and Munich. Its decentralized business model and risk controls helped it avoid material damage from the October 1987 market crash. Macquarie created a philanthropic foundation and developed a corporate art collection during this period. It expanded overseas in the early 1990s, establishing operations in New York, Hong Kong, Singapore and Beijing while extending its Australian footprint. Acquisitions included Boston Australia, Security Pacific Australia and the investment-banking operation of Bankers Trust Australia. Infrastructure investing became a defining business in 1994, when Macquarie underwrote and placed publicly listed equity for Sydney's Hills Motorway. The group subsequently developed infrastructure funds and investment platforms covering transport, utilities, energy, communications and other real assets. It also entered private banking, residential mortgages, real-estate trusts and related investment products. Macquarie Bank listed on the ASX in July 1996. During the 2000s, Macquarie expanded across Asia, opening offices in Seoul and Tokyo and acquiring ING's Asian cash-equities business. It built infrastructure-investment platforms in Korea, China, Europe, Russia, India and the Middle East. The group also expanded into US energy trading, UK gas supply, wealth management, fixed income, equity derivatives, aircraft leasing and specialist investment banking. In 2005 it made an unsuccessful proposal to acquire the London Stock Exchange. In 2006 Macquarie announced a reorganization into a non-operating holding-company structure. Macquarie Group Limited was approved by the Federal Court in 2007, with banking and non-banking businesses placed into distinct groupings. The period also saw controversial investments in utilities. Macquarie's ownership of Thames Water was later criticized in relation to debt growth, dividends, capital investment and pollution concerns. Macquarie maintained that substantial infrastructure investment was made during its tenure. The 2010s brought further expansion in asset management and infrastructure. Macquarie acquired Delaware Investments, joined the Global Infrastructure Facility as an advisory partner, purchased aircraft-leasing assets, acquired the Esanda dealer-finance portfolio and expanded its commodities and energy businesses through transactions involving Cargill and other firms. In 2017 a Macquarie-led consortium acquired the UK Green Investment Bank, which was rebranded as the Green Investment Group. Nicholas Moore was succeeded as chief executive by Shemara Wikramanayake in 2018. In the 2020s Macquarie continued to grow through acquisitions and portfolio transactions. It acquired Waddell & Reed, AMP Capital's global-equity and fixed-income business and Central Park Group. It also acquired infrastructure and communications assets, including Cincinnati Bell through an infrastructure fund. Macquarie acquired a majority stake in Southern Water in 2021 and obtained full ownership of National Gas in 2024. In 2025 it agreed to sell its US and European public asset-management businesses to Nomura, subject to transaction completion. Macquarie remains a diversified financial group whose identity combines banking, asset management, infrastructure investment, investment banking and commodities-market expertise.
- 2024
National Gas becomes wholly owned
[1]Macquarie acquires National Grid's remaining stake in National Gas.
- 2022
AMP Capital business transfer
[1]Macquarie completes the acquisition of AMP Capital's global-equity and fixed-income business.
- 2021
Waddell & Reed acquisition
[1]Macquarie agrees to acquire Kansas City-based asset manager Waddell & Reed.
- 2018
Shemara Wikramanayake becomes chief executive
[1]Shemara Wikramanayake succeeds Nicholas Moore as chief executive officer.
- 2017
Green Investment Bank acquisition
[1]A Macquarie-led consortium acquires the UK Green Investment Bank, later renamed Green Investment Group.
- 2010
Delaware Investments is acquired
[1]Macquarie acquires the US asset manager Delaware Investments from Lincoln Financial Group.
- 2007
Macquarie Group holding structure is established
[1]Macquarie Group Limited becomes the non-operating holding company for separate banking and non-banking businesses.
- 1996
ASX listing
[1]Macquarie Bank Limited lists on the Australian Securities Exchange.
- 1994
Infrastructure investment begins
[1]Macquarie underwrites and places equity for Sydney's Hills Motorway, establishing its infrastructure-investment platform.
- 1985
Macquarie Bank is approved
[1]Hill Samuel Australia receives approval to become Macquarie Bank Limited.
Products and positioning
A diversified global financial group with specialist capabilities in infrastructure, real assets, energy and commodities, supported by banking, asset management and capital-markets businesses.
Asset management
Macquarie Asset Management
Macquarie Asset Management invests for institutions, governments, foundations, advisers and individuals across infrastructure, real assets, equities, fixed income, multi-asset and alternative strategies. Infrastructure and real assets are especially associated with the group's brand, while the platform has also expanded through acquisitions in traditional and alternative asset management.
Investment banking
Macquarie Capital
Macquarie Capital provides corporate advisory, mergers-and-acquisitions advice, equity and debt financing, underwriting and principal-finance services. Its activities connect investment banking with sector expertise in infrastructure, technology, energy, resources, transport and other capital-intensive industries.
Financial markets and commodities
Commodities and Global Markets
This operating group serves producers, consumers, investors and financial institutions across commodities, energy, foreign exchange, equities, credit, derivatives and financing. Its history includes physical natural-gas, petroleum and power trading, giving Macquarie a combination of financial-market and physical-commodity capabilities.
Banking
Banking and Financial Services
Banking and Financial Services provides personal banking, business banking, wealth-management, mortgage and adviser-related services. It is the principal retail and relationship-banking platform within the group and serves consumers, businesses, brokers, advisers and wealth clients.
Infrastructure investment · 1994
Infrastructure and real-asset funds
Macquarie manages and advises investment vehicles focused on infrastructure and tangible assets such as utilities, energy, transport, telecommunications, aviation and real estate. These offerings are designed for institutional and other qualified investors and represent one of the group's most distinctive areas of specialization.
Controversies
2021
Macquarie faces civic-group backlash over Haeyang Energy takeover
In 2021, civic groups in Gwangju opposed Macquarie Group's takeover of Haeyang Energy and warned of more aggressive protests, saying they planned a rally outside Macquarie's Seoul office. Macquarie refuted the claims, stated that the city government sets gas rates, and said it would continue communicating with the groups. The dispute centered on the takeover of the gas supplier and the civic groups' planned protest outside the company's Seoul office.
2017
Thames Water debt and environmental controversy
Macquarie's former ownership of Thames Water was criticized after debt increased substantially and shareholder dividends were paid while the utility later faced serious pollution and sewage-discharge problems. Macquarie emphasized the capital investment undertaken during its ownership and rejected the implication that its tenure alone explained the utility's later problems.
2010
Telephony-bundling litigation criticism
Macquarie Equipment Rentals was criticized by the Australian Competition and Consumer Commission over legal action involving small businesses caught in misleading telecommunications-bundling arrangements.
Marketing campaigns
- Macquarie Group Foundation
Global
Macquarie's philanthropic arm supports community organizations and social-impact initiatives in markets where the group operates. The foundation has provided substantial cumulative support to community organizations.
Outcome. The foundation has provided substantial cumulative support to community organizations.
- Macquarie Group Collection
Australia · Global
The corporate art program builds and displays a collection of contemporary Australian and international art across Macquarie workplaces. It became one of Australia's larger corporate art collections.
Outcome. It became one of Australia's larger corporate art collections.
Brand decisions
2025
Agree to sell US and European public asset-management businessesM&ABackground
Macquarie reviewed the composition of its public-markets asset-management operations.
Action taken
The group agreed to sell specified US and European public asset-management businesses to Nomura in an all-cash transaction.
Aftermath
The transaction was expected to close by the end of 2025, subject to customary conditions.
Agreed transaction value. A$2.8 billion (2025 announced transaction)
2017
Acquire the UK Green Investment BankM&ABackground
The UK government decided to move the Green Investment Bank into private ownership.
Action taken
A Macquarie-led consortium acquired the bank and rebranded it as Green Investment Group.
Aftermath
Macquarie gained a dedicated platform for renewable-energy and broader green-infrastructure investment.
2007
Adopt a non-operating holding-company structureStrategyBackground
International expansion and Australian prudential requirements encouraged a clearer separation of banking and non-banking operations.
Action taken
Macquarie Group Limited was established as the group's non-operating holding company.
Aftermath
The structure allowed separate operating businesses to expand under a common listed parent.
1994
Enter infrastructure investingStrategyBackground
Macquarie sought specialist opportunities in long-term, asset-backed investments.
Action taken
The group underwrote and placed equity for Sydney's Hills Motorway.
Aftermath
Infrastructure and real assets became core global capabilities.
1985
Create Macquarie BankStrategyBackground
Australian financial deregulation created opportunities for a locally controlled private trading bank.
Action taken
Hill Samuel Australia obtained approval to become Macquarie Bank Limited.
Aftermath
The bank expanded into trading, funds management, leasing, structured finance and international banking.
Recent events
Macquarie faces civic-group backlash over Haeyang Energy takeover[4]
Reported:
Civic groups in Gwangju opposed Macquarie's takeover of Haeyang Energy and warned of more aggressive protests; they said they planned a rally outside Macquarie's Seoul office. Macquarie refuted the claims, said the city government sets gas rates, and said it would continue communicating with the groups.
Macquarie sells Cortex metering portfolio to Energy Assets Group[5]
Reported:
Macquarie sold Cortex Metering Solutions, a UK I&C meter asset provider, to Energy Assets Group.
EVCS closes credit facility with Macquarie Group[6]
EVCS announced that it had closed a credit facility with Macquarie Group’s Commodity and Global Markets group to support installation of fast-charging stations.
- Unconfirmed
Macquarie renewable energy fund reaches final close[7]
Macquarie Infrastructure and Real Assets announced that Macquarie Green Investment Group Renewable Energy Fund 2 reached final close with more than €1.6 billion in investor commitments, exceeding its initial €1 billion minimum target.
Macquarie Asia Equity Research ranks No. 2 in Asia-Pacific rankings[8]
Macquarie's Asia Equity Research team ranked No. 2 among regional and local brokers in Institutional Investor's 2021 Asia (ex-Japan) Research Rankings, with six firm-level winning positions.
Macquarie announced its acquisition of Waddell & Reed[9]
Reported:
Macquarie announced that it would acquire Waddell & Reed, valuing the company at $25 per share in cash. The article says the acquisition would bring Waddell & Reed’s $68 billion asset-management business into Macquarie’s U.S. investment-management division.
CBL Markets records first trades of the GEO contract[10]
Reported:
CBL Markets announced the first trades of the Global Emissions Offset (GEO) contract on Oct. 5, 2020.
- Unconfirmed
Macquarie announces exit from European and US equities trading[11]
Macquarie announced that it would exit equities trading in Europe and the United States. The article says the move would result in 100 job cuts.
Sources11 sources
- 1Macquarie Groupen.wikipedia.org
- 2Macquarie Group official websitemacquarie.com
- 3http://www.macquarie.com/macquarie.com
- 4Macquarie faces civic-group backlash over Haeyang Energy takeoverkoreatimes.co.kr
- 5麦格理将Cortex计量业务组合出售给Energy Assets Groupenergylivenews.com
- 6EVCS与麦格理集团完成信贷融资stlouisstar.com
- 7Macquarie可再生能源基金完成最终募集miragenews.com
- 8Macquarie亚洲股票研究团队在亚太排名中位列第二miragenews.com
- 9麦格理宣布收购Waddell & Reedfinance.sina.com.cn
- 10CBL Markets的GEO合约完成首批交易prnewswire.com
- 11麦格理宣布退出欧美股票交易市场nbd.com.cn
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