Macquarie Group: A Financial Legacy

In 1965, a pivotal merger in London brought together two influential financial houses—M. Samuel & Co., founded by Marcus Samuel1, and Philip Hill Higginson Erlanger Ltd., tied to the banking legacy of Baron Frédéric Émile d’Erlanger2. This union formed Hill Samuel & Co. Limited3, a merchant bank with deep European roots and growing international ambition. Marcus Samuel had built a reputation for innovation in global trade and energy, notably helping lay the foundations of the modern Shell4 company. Baron d’Erlanger’s lineage brought sophisticated European financial connections and investment expertise. Together, the merger fused commercial vision with aristocratic banking traditions, forming the seed from which the Macquarie Group would eventually grow.

Notes:

1. Marcus Samuel, 1st Viscount Bearsted, was a British entrepreneur who helped transform a small import business into the global energy company Shell. […]
2. Baron Frédéric Émile d’Erlanger was a French-born banker whose financial support and networks played a key role in the international expansion of Shell in the early 20th century. […]
3. Hill Samuel & Co was a British merchant bank formed through the merger of M. Samuel & Co (founded by Marcus Samuel’s family) and Philip Hill Higginson Erlanger Ltd. […]
4. The Shell Transport and Trading Company, co-founded by Samuel, merged with Royal Dutch Petroleum to form Royal Dutch Shell, becoming one of the world’s largest oil companies. […]

Hill Samuel Australia1 (HSA), the predecessor of Macquarie, was established in Sydney in December 1969 by UK merchant bank Hill Samuel & Co. led by Stan Owens2, HSA began with just three staff and quickly turned a profit within its first year, despite having four years to do so.

Notes:

1. Hill Samuel & Co. was a UK-based merchant bank and the predecessor of Macquarie in Australia. […]
2. Stan Owens was the founding Executive Chairman of Hill Samuel Australia and played a key role in establishing its operations in 1969. […]

David Clarke1 and Mark Johnson2 became joint managing directors of Hill Samuel Australia (HSA) in 1971. That same year, HSA turned a profit within its first year and secured a landmark US$60 million financing deal for John Lysaght Australia3. Throughout the 1970s, HSA expanded to Melbourne and Brisbane, pioneered foreign currency hedging, began gold bullion trading, and became one of the first merchant banks with floor membership at the Sydney Futures Exchange.

Notes:

1. David Clarke became joint managing director of Hill Samuel Australia in 1971 and later served as Executive Chairman of Macquarie Bank. […]
2. Mark Johnson was appointed joint managing director of Hill Samuel Australia alongside David Clarke and later became Deputy Chairman of Macquarie Bank. […]
3. John Lysaght Australia was a leading corrugated iron manufacturer and recipient of HSA’s landmark US$60 million financing deal in 1971. […]

In 1981, Hill Samuel Australia began preparing to become an independent, locally based institution to better compete in the soon-to-be deregulated Australian financial market. Recognizing its smaller size compared to major international banks, the company saw independence as the best path to securing one of the new commercial banking licenses. This strategy succeeded, and Hill Samuel Australia was granted a full banking license by the Australian government, allowing it to operate as a fully-fledged bank.

In response to financial market deregulation in the 1980s, Hill Samuel Australia proposed the formation of a new, Australian-owned bank. Approval was granted in 1985 by Federal Treasurer Paul Keating1, and the company became Macquarie Bank Limited—only the second private trading bank established in modern Australia. The name and logo were inspired by Governor Lachlan Macquarie2 and his creation of the Holey Dollar3, an innovative solution to an early currency shortage.

Notes:

1. Paul Keating was Australia’s Federal Treasurer in 1985 when he approved the establishment of Macquarie Bank Limited. […]
2. Governor Lachlan Macquarie, a key figure in early Australian colonial history, is credited with advancing the settlement’s development and economic stability. […]
3. The Holey Dollar, introduced by Governor Macquarie in 1813, was Australia’s first official currency, created by modifying Spanish coins to address a local currency shortage. […]

On 29 July 1996, Macquarie Bank Limited was officially listed on the Australian Securities Exchange (ASX)1, marking a significant milestone in its corporate journey. Just three months later, on 30 October 1996, Macquarie entered the ASX All Ordinaries Index2, signaling its growing influence in the Australian financial sector. At the time of its inclusion, the bank had a market capitalization of approximately A$1.3 billion. Over the next two decades, Macquarie experienced sustained growth through strategic investments, global expansion, and diversification into infrastructure, asset management, and digital banking. By 2018, its market capitalization had soared past A$35 billion, cementing its position as one of Australia’s largest and most prominent listed companies.

Notes:

1. The Australian Securities Exchange (ASX) is the primary securities exchange in Australia where shares, derivatives, and other financial instruments are traded. […]
2. The ASX All Ordinaries Index is a benchmark index that represents the performance of the largest 500 companies listed on the Australian Securities Exchange. […]

Macquarie Bank Ltd. agreed to purchase the investment banking arm of Bankers Trust Australia Ltd.1 for about $100 million Australian dollars ($65.8 million) from Principal Financial Corp.2

Notes:

1. Bankers Trust Australia Ltd. was a prominent investment bank and asset management firm operating in Australia before being acquired by Deutsche Bank in 1999. […]
2. Principal Financial Corp. (now Principal Financial Group) is a global financial services company based in the U.S., offering retirement, insurance, and investment products. […]

Macquarie Bank has agreed to acquire ING’s1 investment banking and equities businesses in Asia, including operations in the Philippines and other countries across Asia, as well as global sales and trading desks. The deal, transferring 428 employees, is set to be completed by July. ING will continue its insurance and asset management operations, while Macquarie views the acquisition as a key expansion in institutional brokerage in the Asia-Pacific region.

Note:

1. ING is a global financial services company headquartered in the Netherlands, offering banking, investment, life insurance, and retirement services. […]

Macquarie Bank Group announced plans to acquire Los Angeles-based Cook Inlet Energy Supply LLC1, a major player in North American natural gas trading, transportation, and storage. The move strengthens Macquarie’s North American energy markets business by adding physical trading expertise to its financial and structured energy activities. Cook Inlet’s leadership, including founder Gregory L. Craig and President Hans O. Saeby, will join Macquarie as division directors. Cook Inlet will operate as a wholly owned subsidiary, with the handover expected on November 1. The Cook Inlet name will be retained temporarily during the transition.

Note:

1. Cook Inlet Energy Supply LLC is a Los Angeles-based company founded in 1991, specializing in natural gas trading, transportation, and storage across North America. Acquired by Macquarie Bank in 2005. […]

In 2006, Macquarie Bank acquired Corona Energy1, making it a fully-owned subsidiary while allowing it to continue operating under its original name. This acquisition was part of Macquarie’s strategy to expand into the energy sector, complementing its existing global investments in energy companies like Cook Inlet Energy Supply and Constellation Energy. Macquarie, a global financial services group with a presence in over 30 markets, strengthened its diversified portfolio by adding Corona Energy to its roster.

Note:

Corona Energy is a UK-based energy supplier founded in 1996, providing gas and electricity to businesses. It operates as a subsidiary of Macquarie Bank. […]

Macquarie Group agreed to acquire Giuliani Capital Advisors1; a boutique investment bank founded by former New York City Mayor Rudolph Giuliani2. The bank, with about 105 employees in cities like New York, Chicago, and Los Angeles, was part of Giuliani Partners. The sale allows Giuliani to focus on his presidential campaign. Terms of the deal were not disclosed. Giuliani Capital had been created in 2004 after acquiring Ernst & Young Corporate Finance.

Note:

1. Giuliani Partners is a consulting firm founded in 2002 by former New York City Mayor Rudolph Giuliani, offering security, crisis management, and investment banking services. […]
2. Rudolph Giuliani was a mayor of New York City from 1994 to 2001. Known for reducing crime rates and his leadership during the aftermath of the September 11, 2001 attacks. […]

In 2007, Macquarie Bank Limited proposed restructuring into a Non-Operating Holding Company (NOHC)1 structure. Under the plan, shareholders would exchange their shares in Macquarie Bank for shares in a new parent company, Macquarie Group Limited, which would be listed on the Australian Securities Exchange (ASX). The change aimed to give Macquarie greater flexibility for future growth and diversification while maintaining strong regulatory oversight. The proposal required shareholder approval through a scheme of arrangement and was outlined in a detailed explanatory memorandum.

Note:

1. A NOHC is a company that doesn’t do business itself — it just owns and manages other companies to keep things organized and safer. […]

Macquarie Bank is acquiring Canadian investment firm Orion Financial1 for C$147 million in cash and stock. Orion, which focuses on the resources sector and is based in Toronto with around 130 employees, earned C$41 million pre-tax in the last fiscal year. Macquarie sees this as a strategic fit to expand its global resources investment banking and integrate Orion’s strengths in equity underwriting, sales, trading, and research. The acquisition will have minimal impact on Macquarie’s capital ratio. Macquarie, which now earns half its income internationally, continues to explore further global acquisitions, including in Europe and the U.S.

Note:

1. Orion Financial is a Canadian investment and brokerage firm specializing in the resources sector, based in Toronto, with about 130 employees. […]

Macquarie Group agreed to acquire the business and assets of CIT Systems Leasing1, a major North American equipment leasing company based in Michigan with about US$700 million in assets. The deal complements Macquarie’s existing technology financing businesses in Europe, Canada, and Asia-Pacific, with minimal overlap. Part of the acquisition includes US$160 million of existing non-recourse debt, with the rest initially funded by Macquarie and later expected to be refinanced externally. The acquisition will have little impact on Macquarie’s capital position. After a transition period ending by March 2008, the business will be rebranded under the Macquarie name.

Note:

1. CIT Systems Leasing – A Michigan-based North American equipment leasing company with about US$700 million in assets. […]

Macquarie Group has agreed to acquire one of North America’s largest natural gas trading operations from Constellation Energy, backed by its strong financial position. The deal, expected to close in the second quarter, comes as Macquarie continues to capitalize on favorable market conditions. Analysts believe Macquarie is well-positioned to make acquisitions as asset prices fall and credit conditions tighten globally. Despite the ongoing global credit crisis, Macquarie has not needed to raise equity and is focusing on selling assets to concentrate on more profitable areas of its business.

Note:

1. Constellation Energy – A leading North American energy company specializing in natural gas trading, with a significant presence in energy markets and operations across various sectors. […]

Macquarie Group has agreed to acquire Delaware Investments1, a US-based diversified asset management firm, from Lincoln Financial for US$428 million. Upon completion, the combined assets under management (AUM) of Macquarie and Delaware are expected to exceed US$300 billion. Founded in 1929, Delaware manages over US$125 billion in assets and offers a wide range of investment products. The firm will maintain its headquarters in Philadelphia, and its clients will gain access to Macquarie’s global investment strategies. Macquarie plans to support Delaware’s growth through additional funding and resources.

Note:

1. Delaware Investments is a US-based diversified asset management firm with over US$125 billion in assets under management, founded in 1929 and headquartered in Philadelphia. […]

On August 31, 2009, Macquarie Group completed the acquisition of Tristone Capital Global Inc.1 for US$116 million. Tristone’s business and employees have been integrated into Macquarie’s global operations, with its Acquisition and Divestitures Group now operating as Macquarie Tristone. The acquisition strengthens Macquarie’s energy advisory and capital markets services, combining Tristone’s energy expertise with Macquarie’s global resources activities. The merged entity, which includes 210 professionals across 22 cities, offers a comprehensive energy platform covering advisory, capital markets, research, and trading.

Note:

1. Tristone Capital Global Inc. – A US-based energy advisory and capital markets firm, specializing in energy sector transactions, with operations in 22 cities and a team of 210 professionals offering advisory, capital markets, research, and trading services. […]

Macquarie Group has completed its acquisition of Fox-Pitt Kelton Cochran Caronia Waller (FPK)1, effective November 30, 2009. The acquisition strengthens Macquarie’s global financial institutions group (FIG), expanding its expertise in North America and Europe to complement its existing strong position in the Asia-Pacific region. The integration of FPK’s team enhances Macquarie’s offerings in securities, research, advisory, and capital markets. The acquisition increases Macquarie’s research coverage to about 2,300 stocks globally, with 765 stocks focused on FIG. Key FPK leaders, George Cochran, Len Caronia, and John Waller, join Macquarie’s global FIG advisory business.

Note:

1. Fox-Pitt Kelton Cochran Caronia Waller (FPK) is a global financial institutions advisory firm specializing in securities, research, and capital markets, with expertise in North America and Europe. […]

On August 24, 2011, the Hong Kong Monetary Authority1 granted a banking license to Macquarie Bank Limited (MBL), allowing it to operate as a licensed bank under Hong Kong’s Banking Ordinance. MBL, incorporated in Australia, is a wholly owned subsidiary of Macquarie Group Limited, one of Australia’s largest financial institutions. This milestone strengthened Macquarie’s presence in Asia and contributed to Hong Kong’s international banking network, increasing the number of licensed banks in the region to 149.

Note:

1. Established in 1993, the HKMA is Hong Kong’s central banking institution, responsible for maintaining currency stability, promoting the stability of the banking system, managing the Exchange Fund, and developing Hong Kong’s financial infrastructure. […]

Onstream1, National Grid’s stand-alone meter reading and installation business, was sold to Macquarie Bank for £274 million. Covering around 2.6 million electricity meters and 1.6 million gas meters, Onstream serves all major UK power suppliers and employs 160 people. Established in 2001, it operates outside of regulated pricing. National Grid stated the sale offers a clean exit and good value for investors.

Note:

1. National Grid is a major British multinational electricity and gas utility company. It operates the electricity transmission network in England and Wales and owns and manages infrastructure for energy distribution. The company also provides services like metering and grid management across the UK and parts of the US. […]

Macquarie Group announced that a subsidiary of Macquarie Bank Limited will acquire a portfolio of 90 modern commercial passenger aircraft from AWAS Aviation Capital Limited1. The fleet, mainly composed of Airbus A320-200 and Boeing 737-800 aircraft, has an average age of about 2 years and an average remaining lease term of 6.5 years. The portfolio will become part of Macquarie AirFinance under the Corporate and Asset Finance Group (CAF), expanding its existing 130-aircraft portfolio and further strengthening its transportation finance business.

Note:

1. AWAS Aviation Capital Limited was a major global aircraft leasing company, offering a young fleet of commercial passenger aircraft to airlines worldwide. […]

On October 8, 2015, Macquarie Group announced it would acquire the Esanda1 dealer finance portfolio from ANZ. The $A7.8 billion portfolio includes retail and wholesale motor vehicle finance across Australia. The assets will be added to Macquarie Leasing, boosting its motor vehicle finance portfolio from $A9 billion to about $A17 billion. The move continues Macquarie’s expansion in annuity-style businesses, strengthening its position in automotive financing.

Note:

1. Esanda: A former finance brand under ANZ, providing retail and wholesale dealer finance for motor vehicles across Australia. […]

Macquarie will acquire Cargill’s1 North America power and gas business, following its earlier agreement to buy Cargill’s global petroleum business. The deal, announced in 2017, comes after Cargill’s streamlining efforts due to a slump in global oil prices. The business includes power and natural gas trading, storage, and transportation, with offices in Calgary, Houston, and Minneapolis. Cargill will continue its energy activities in areas like financial risk management and biofuels. The transaction is expected to close in late 2017.

Note:

1. Cargill is a global commodities trader, specializing in energy, agriculture, and food production. It offers power and gas trading, storage, and transportation, while focusing on streamlining operations in response to market changes. […]

Macquarie, alongside MEIF5 and USS, completed its £2.3 billion acquisition of the UK Green Investment Bank1 in 2017. Under Macquarie’s ownership, the bank continues to invest in UK and European green infrastructure projects, consolidating Macquarie’s existing green investments and focusing on renewables like wind, solar, tidal, and energy efficiency. It will maintain transparency through annual reporting and stakeholder engagement.

Note:

1. Green Investment Bank (UK) – A UK institution founded in 2012 to fund green energy and infrastructure. Acquired by Macquarie in 2017 to expand low-carbon investments in the UK and Europe. […]

Macquarie Group Ltd announced that Shemara Wikramanayake1 will succeed Nicholas Moore as CEO and Managing Director. Previously head of Macquarie’s asset management division, she will take on leadership amid strong performance across the bank’s operating groups in early fiscal 2019. The company expects full-year results to match the previous year.

Note:

1. Shemara Wikramanayake made history as the first woman to lead Macquarie Group as CEO and Managing Director, marking a significant milestone for female leadership in Australia’s financial sector. […]

Macquarie Group has signed binding agreements with the NSW Government to design and deliver an integrated station precinct at Martin Place1 in Sydney. The development includes a new Sydney Metro station, two office towers, and a retail and lifestyle hub, seamlessly connected to the existing Martin Place Station. Delivered in partnership with Lendlease, the project emphasizes commuter ease, natural light, and public space. Approved through the Unsolicited Proposal process, Macquarie will oversee delivery by 2024, creating over 2,500 construction jobs and promoting workforce diversity.

Note:

1. Martin Place is a major pedestrian mall and commercial hub in Sydney’s CBD, known for its financial institutions, heritage buildings, and key transport connections. […]

Macquarie Group has supported global communities since 1969, contributing over A$520 million through its Foundation. In 2018, it launched the Macquarie 50th Anniversary Award1, committing an additional A$50 million to five global nonprofit projects focused on health, finance, and environmental impact. Each selected organization receives A$10 million over five years, with Macquarie staff volunteering through its Ambassador Network to support their efforts.

Notes:

1. Award Recipients and Their Initiatives: […]

• Last Mile Health (USA)
• Monash University’s World Mosquito Program (Australia)
• Murdoch Children’s Research Institute’s World Scabies Program (Australia)
• Social Finance (USA)
• The Ocean Cleanup (Netherlands)

Macquarie Asset Management (MAM) completed its acquisition of Waddell & Reed Financial1, Inc., one of the oldest asset and wealth management firms in the U.S. As part of the deal, MAM sold Waddell & Reed’s wealth management platform to LPL Financial Holdings Inc., establishing a long-term strategic partnership. MAM retains the asset management business, gaining $76 billion in assets under management, which positions it among the top 20 active US mutual fund managers. The integration includes welcoming Ivy Funds shareholders into the Delaware Funds by Macquarie, aiming to enhance value for clients and advisors.

Note:

1. Waddell & Reed, founded in 1937 and based in Kansas, was one of the oldest U.S. asset and wealth management firms, known for its Ivy Funds and nationwide advisor network. […]

The Macquarie Group Foundation fully allocated $A20 million to 40 nonprofit organizations globally through 43 grants. The funding supported three key areas: direct relief efforts ($A7.35M), Australian medical research ($A2M), and economic recovery initiatives ($A10.65M). This strategic allocation aimed to address both immediate needs and long-term impacts of the COVID-19 pandemic, with a focus on vulnerable groups such as women, migrants, and underserved communities.

Note:

Macquarie Group’s COVID-19 response showcased its commitment to long-term recovery, with a focus on emergency relief, economic recovery, and support for underserved communities. By implementing contingency plans for lasting impact, Macquarie helped stabilize affected regions while addressing both immediate needs and future challenges.

Macquarie Group announced that Macquarie Asset Management (MAM) has successfully reached financial close on its acquisition of AMP Capital’s1 Global Equities and Fixed Income business. Following the initial sale announcement on 8 July 2021, all standard closing conditions have been met, and the transfer of $A47 billion in assets under management from AMP to MAM is now underway.

Note:

1. AMP Capital was a global investment manager based in Australia, specializing in infrastructure, real estate, equities, and fixed income. […]

Macquarie Bank has announced it will phase out cash, cheque, and phone payment services across all banking and wealth management products by November 2024. This move is part of its strategy to become a fully digital bank. Customers will no longer be able to deposit cash or cheques at branches or via NAB after this date.

On 15 January 2024, Macquarie Bank began phasing out cash, cheque, and automated telephone banking services as part of its shift to a fully digital banking model. The transition affected all banking and wealth management products, including super and pension accounts. Cash and cheque deposits through NAB branches and mail-in services were scheduled to end by 1 November 2024, marking a key step in Macquarie’s move toward a digital-only banking experience.

On 14 January 2025, Macquarie Group — through its Macquarie Asset Management division — announced major infrastructure investments in Applied Digital and Aligned Data Centers to support high-performance computing (HPC) and artificial intelligence workloads across the U.S. and Americas. The combined commitment, exceeding US $17 billion, aimed to expand critical digital infrastructure capacity, positioning Macquarie as a major financier in the rapidly growing AI-centric data center market. This move underscored the firm’s strategic pivot toward technology-enabled infrastructure and digital transformation globally.

On 24 July 2025, Macquarie announced that its Board had extended the on-market share buyback program by a further 12 months with capacity to repurchase up to A$2 billion of ordinary shares. As of late July, more than A$1 billion of buybacks had been completed. The extension was intended to provide continued capital flexibility and support shareholder value amid ongoing market volatility.

On 1 September 2025, Macquarie Bank unveiled a major upgrade to its internal data platform designed to accelerate the bank’s readiness for artificial intelligence and machine learning applications across its business units. The initiative involved consolidating structured and unstructured data from disparate systems into a centralised, highly searchable knowledge repository powered by modern data-engineering frameworks. By creating this AI-ready data foundation, Macquarie aimed to empower data scientists, analysts, and business teams with consistent, high-quality information, reducing barriers to building AI-driven insights, automation, and decision support. The infrastructure supported use cases ranging from customer experience improvements and risk modelling to real-time operational analytics. The investment highlighted Macquarie’s pivot from traditional data siloes toward enterprise-wide data democratisation, a critical step as financial institutions increasingly rely on generative AI and advanced analytics to compete.

On October 10, 2025, Bitfarms announced that it had converted its existing US $300 million private debt facility from Macquarie Group into a project-specific financing arrangement to advance construction of its Panther Creek high-performance computing (HPC) and AI data center campus in eastern Pennsylvania. Under the restructuring, Bitfarms drew an additional US $50 million from the facility — bringing the total drawn to US $100 million — to accelerate long-lead equipment purchases and preparatory civil works at the site, with groundbreaking planned in Q4 2025. The Panther Creek campus is designed as a 350 MW HPC/AI-ready data infrastructure hub, and the conversion of financing allowed Bitfarms to unlock project-level capital and expand its strategic partnership with Macquarie to meet growing demand for advanced computing facilities in the United States.

On 14 October 2025, Macquarie Bank expanded its senior leadership by appointing Ashwin Sinha to the newly-expanded role of Chief Data, Digital and AI Officer. This strategic move strengthened the bank’s focus on integrating data science and artificial intelligence into digital banking and customer experience design, reflecting the firm’s ongoing commitment to technology-driven services and innovation.

On 7 November 2025, Macquarie Group announced its first half (H1 26) financial results, reporting a 3 % year-on-year net profit increase to A$1.655 billion despite a sequential quarterly decline in earnings. Assets under management (AUM) grew to A$959.1 billion, reflecting continued expansion of client mandates and valuation growth, even amid mixed market conditions.