The Motley Fool

Macquarie Group Ltd merges its private bank and wealth division

Macquarie Group Ltd (ASX: MQG) is merging its private bank and wealth division, leading to the departure of about a dozen advisers. The head of wealth says the company plans to focus on high net worth (HNW) investors enabling them to” better deliver on this commitment”, with a “comprehensive and tailored wealth and banking offering”.

Australia has a growing number of HNW individuals also helped by migration, with more HNW migrants coming to Australia than any other country, according to research by New World Wealth.

Macquarie Group’s shares are up 9% in a month, trading on a forward price-earnings-ratio (PER) of 13x and paying a 5% annual dividend yield.

Other similar companies in the Diversified Financial sector, which has a median forward PER of 19x, include: Platinum Asset Management Limited (ASX: PTM) on a forward PER of 19x, Magellan Financial Group Ltd (ASX: MFG) on a forward PER of 18x and Challenger Ltd (ASX: CGF) on a forward PER of 19x.

Japanese Billionaire’s Prediction Will Give You Goosebumps

When a veritable investing and entrepreneurial genius speaks, it pays to listen.

In fact, he's now preparing a $100B "war chest" to invest entirely in this "terrifying" new technology, which could spell huge profits for investors.

Click here to learn about this technology and how you can profit!

Motley Fool contributor Rosemary Steinfort holds shares in Macquarie Group Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

NEW. Five Cheap and Good Stocks to Buy in 2019…

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.