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.
Macquarie Group Ltd. is targeting Europe for acquisitions as recent debt concerns might offer buying opportunities, the Australian Financial Review reported. Macquarie Chief Executive Nicholas Moore told investors in New York acquisitions in the U.S. and Asia were less likely given asset prices, leaving Europe as a likely prospect, the report said.