Macquarie Group Ltd., Australia’s biggest investment bank, named Benjamin Way Asia chief executive officer, replacing Alex Harvey, who will become chairman for the region and global head of principal investments.
Macquarie Group Ltd. Chief Executive Officer Nicholas Moore said investor confidence is returning along with corporate appetite for mergers, and predicted second- half profit may rise to the highest in three years.
Macquarie Group Ltd. scrapped its profit growth forecast for the fixed income, currency and commodities division, which accounted for 70 percent of trading income at Australia’s biggest investment bank last year, as volatile markets sap market confidence.
The cycle of government infrastructure investment around the world is “a little softer” than expected as economies recover from the global financial crisis, Nicholas Moore, chief executive officer of Macquarie Group Ltd., told a conference in Sydney today.
Macquarie Group Ltd. announced plans to buyback as much as 10 percent of its stock, sending its shares higher in Sydney even after announcing profit that missed analysts estimates and cutting its full-year forecasts.