Epilogue

1 1974, 1992 (which was a record in pre-tax profit but a slight reduction in after-tax), 2009, 2011, 2012, 2020. 

2 This business was pioneered by Jerry Korczak, head of sports and entertainment structured finance, who, it turns out, doesn’t like football. It works like this: a club sells a player, with the payments typically made in instalments over a period of years. In order to allow the selling club to spend the proceeds immediately, Macquarie advances the club the full amount set against the collateral of future payments. The model has already been extended from player sales to TV rights. Read more here: https://www.afr.com/companies/financial-services/star-macquarie-banker-kicks-goals-in-europe-20200919-p55x62 

3 Stonepeak was founded by Michael Dorrell and Trent Vichie, both ex-Macquarie. It has since hired Hajir Naghdy, who spent nineteen years at Macquarie and was instrumental in the Korea business as well as running the business in the Middle East; and Daniel Wong, who was global co-head of Macquarie Capital with Michael Silverton. 

4 https://www.euromoney.com/article/b1hh2f9z111yy0/private-equity-the-inside-story-of-equis-and-its-partners-800-million-bounty 

5 https://www.rocp.com/about-us/history/ 

6 Michael Traill, an executive director at Macquarie until 2001, was Social Venture Australia’s founding CEO. 

7 https://www.theaustralian.com.au/business/stock-expected-to-take-reins-at-jefferies-after-clsa-staff-raid/news-story/95bddf9e0fb16c6cf0a724497e27f95c 

8 ‘It does complicate your go-to-market approach, particularly if you’re expanding into new markets and new regions,’ Silverton adds. ‘It tends to distract you from the main game. If you’re working, you’ve got to focus on Macquarie.’ 

9 In Australia, companies report twice a year, not quarterly as in the USA.

10 Americas: A$8.246 billion income. Australia: A$4.39 billion. See financial discussion and analysis, page 41: https://www.macquarie.com/assets/macq/investor/results-and-presentations/2022/macquarie-group-fy22-mda.pdf 

11 Michael Silverton and Shawn Lytle respectively.

12 Americas A$2.368 billion, EMEA A$2.149 billion, Australia A$886 million, just ahead of Asia A$771 million. International income was 86 per cent of CGM income overall, 91 per cent of Macquarie Asset Management income and 85 per cent of Macquarie Capital. Naturally Banking and Financial Services was 100 per cent Australian. In the 2023 half-year results to 30 September 2022, released in October, by which time this book was already at layout stage, the figures had changed. The Americas now constituted 38 per cent of international income, EMEA 24 per cent, Asia 10 per cent and Australia 28 per cent.

13 https://www.euromoney.com/article/2a25wufeka57z0szxqsjk/macquaries-american-adventure-continues

14 It then fell with the rest of the market and is closer to A$70 billion at the time of writing.