Macquarie Group

Australia’s leading investment bank and M&A advisor, Macquarie Group (Macquarie) is no longer just a domestic powerhouse success from Down Under; the firm’s income from international activities now accounts for more than half of the worldwide revenue.

Pros

  • Young and unstuffy culture
  • Hours aren't too bad
  • Driven to expand further internationally

Cons

  • In need of a stronger presence and recognition in European feel like an all boys club at times
  • Internal communication can improve
  • Can feel like an all boys club at times

Australia’s leading investment bank and M&A advisor, Macquarie Group (Macquarie), is no longer just a domestic success; the firm’s income from international activities now accounts for more than half of the worldwide revenue. Headquartered in Sydney, Macquarie is staffed by over 14,200 people across 28 countries.

 

A Bit of Background

Contrary to popular belief, Macquarie’s heritage is in fact English. London Merchant bank Hill Samuel & Co established a subsidiary branch in 1969 in Sydney, the originally titled Hill Samuel Australia (HSA). As a result of the deregulation of the financial markets in the ‘80s, HSA procured a license in 1985 and subsequently changed its name to its current moniker.

This Antipodean IB giant took its name from Australia’s most successful early governor, Lachlan Macquarie – famous for establishing the country’s first bank and introducing the first coinage, the Holey Dollar. The story of the Holey Dollar provides an apt frame for the bank’s philosophy. In 1813, Governor Macquarie came up with an innovative approach to overcome a currency shortage in New South Wales. Purchasing Spanish silver dollars, which were worth five shillings, she had the centres punched out, creating two new coins: the Holey Dollar, valued at five shillings, and the “Dump”, valued at one shilling and three pence. This move doubled the number of coins in circulation and increased their total worth by 25%, prompting the firm to use the coin as the basis for the company’s logo.

Macquarie entered the European market in the late ‘80s, running business from its Continental HQ in London. Throughout the ‘90s the bank grew rapidly, and in 1996, it was listed on the Australian Stock Exchange (MQG).

In 2006, Macquarie teamed up with international business school INSEAD to launch a Master of Finance program to train its investment banking managers. Jointly designed by Macquarie and INSEAD, the course provides the opportunity for new analysts to train whilst they’re working.

Since then Macquarie has opened up new branches across the globe with its Seoul office expanding into the Asian market in 2010. The firm’s international growth is also reflected in Macquarie’s acquisition of various financial groups – no wonder the firm recently announced an increase of full-year net profit after tax of A730m in 2011/2012.

 

A Closer Look at Divisions & Departments

The firm’s business is divided into six key operating groups: Macquarie Capital, Macquarie Securities Group (MSG), Fixed Income, Currencies and Commodities (FICC), Macquarie Funds Group (MFG), Corporate and Asset Finance (CAF) and the Banking and Financial Services group (BFS).

Macquarie Capital (MacCap) offers its clients numerous services, including M&A, takeover and corporate restructuring advice; equity and debt capital management and raising; specialised funds management; debt structuring and distribution; private equity placements; and principal products.

In Europe, Macquarie Securities operates as a specialised institutional cash equities broker whereas In the Asia Pacific region, it provides a full-service institutional cash equities broker. It is the 9th largest research house globally covering over 2,400 stocks.

FICC offers a variety of products and services related to commodities, futures, debt, interest rate and credit derivatives, foreign exchange and emerging market bond broking. In EMEA, FICC specialises in commodities with expert capabilities in physical and financial trading.

Macquarie Funds Group is a full-service fund manager, offering its clients a diversified range of funds-related products and services.

Corporate and Asset Finance (CAF) specialises in leasing and asset finance, tailored debt and finance solutions and asset remarketing, sourcing and trading.

And last but not least, Macquarie’s Banking and Financial Services group provides banking services to its roster of private and corporate clients.

 

More than just Banking

As well as winning scholarly points, Macquarie is also committed to giving back to the societies in which it operates. The Macquarie Group Foundation was established in 1985 to formalise Macquarie’s community support programme and to provide a leadership role in corporate philanthropy. Macquarie has provided support to over 1,300 community organisations, focusing on the key areas of education, the arts, health, welfare and the environment. In the UK, the foundation has worked on numerous causes, including establishing a partnership with the Princes Trust, supporting the East London Business Alliance, and working Streetwise Opera.

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Macquarie hand-picks its grads for roles in all of its key business areas, which include corporate advisory and capital raising, financing, research, as well as trading and hedging. The bank looks for the usual attributes, most notably motivation, communication skills, friendliness and discipline. A touch of entrepreneurial spirit and good interpersonal skills also wouldn’t hurt. Macquarie has the process of finding individuals with these qualities down to a fine art – a balance of applications, interviews and psychometric testing, which can last for up to three hours and are taken in between interviews. Here you can expect a mix of numerical, verbal and logical reasoning sections so make sure you practice beforehand.

Beginning with an online application, those that make the grade on paper will continue the process with an interview held by a member of the graduate recruitment team, lasting about 40 minutes. While the first interview will be predominantly competency-based, the second is largely technical – focussing on the particular position you’ve applied for. For successful candidates, the next stage is psychometric testing before further meetings and interviews with the business. Some candidates may well be invited for an informal chat over coffee with recent hires; this allows the applicant to learn more about the role directly from those in the know. On occasion, the lucky ones might have to attend a third interview in which candidates meet with group heads.

 

Internships

In addition to its graduate recruitment, Macquarie runs several summer internship programmes in London and Frankfurt, providing both comprehensive training and hands-on experience. As with most large firms, internships provide a great opportunity to orientate yourself in the role and company culture; and those who do well on the scheme are often taken on in a full-time capacity – so do your best to impress!

 

Macquarie Group Graduate Recruitment Info

Graduate programme info:
Approx. graduate analyst hires: 40
Salary: Competitive
Benefits: Other benefits: Macquarie is well known for its performance-based pay structure. In addition to competitive salaries and local market benefits, many roles across the Group share in the firm's profits

Internship info:
Approx. intern hires: 35

Contact:
Name: Graduate Recruitment Team
Tel: +44(0)203 037 2266
Email: emeagraduaterecruitment@macquarie.com

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Stats

No. of employees worldwide: 14,200
No. of employees in EMEA: 1,300+
Approx. graduate analyst hires: 40
Approx. graduate interns hires: 35

Salary

Intern: Competitive
Analyst: £30,000 - £50,000 (Approx.)
Associate: Competitive
Vice President: Competitive

Departments

Banking and Financial Services group (BFS)
Corporate and Asset Finance (CAF)
Fixed Income Currencies and Commodities (FICC)
Information Technology Group (ITG)
Macquarie Capital (investment banking group)
Macquarie Funds Group (MFG)
Macquarie Securities Group (MSG)
Market Operations and Technology
Risk Management Group (RMG)

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Locations

London Office:
Ropemaker Place
28 Ropemaker Street
London EC2Y 9HD
Tel: +44 (0)20 3037 2000
www.macquarie.com

No. of locations worldwide: 70 offices in 28 countries

European Locations:
Austria
France
Germany
Ireland
Luxembourg
Netherlands
Russia
Spain
Sweden
Switzerland
UK

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