Macquarie's retail business has reported a 50 per cent boost in its profits driven by strong growth in funds under management (FUM).
Macquarie Financial Services Group (FSG) reported a 52 per cent increase in FUM to reach more than $92 billion for the six months to September 30, 2007.
"Increased market share in the group's cash, wrap and full service broking markets have been key drivers in the increase in profitability," FSG head Peter Maher said.
Inflows into Macquarie's Cash Management Trust grew from $131 billion in March to $181 billion.
The firm has also capitalised on the exit of planners from Goldman Sachs JBWere and the hiring of 31 of the company's former advisers for its Brisbane, Canberra and Adelaide offices.
"We will be actively pursuing domestic opportunities to expand our adviser numbers and grow our core service business," Maher said.
In October, FSG announced a joint venture agreement with Indian wealth manager Religare Enterprises.
Overseas joint ventures similar to its deal in India are also in the group's pipeline.
The deal gave Macquarie a 50 per cent stake in the business and access to 1215 of Religare's branches.
FSG already has businesses in New Zealand, Thailand and India and the group is looking to move into other Asian markets as well as the United Kingdom.
"We are continuing to look for international opportunities where we can add significant value. We look to increase our presence in both domestic and international markets and meet the needs of our clients in both markets during the coming years," Maher said.
