INTERNATIONALISATION OF THE MACQUARIE GROUP

Transcription

INTERNATIONALISATION OF THE MACQUARIE GROUP
INTERNATIONALISATION OF THE MACQUARIE GROUP
Christian Drysdale
Macquarie Group of Companies, Central Executive, Asia
Managing Director / Strategic Development, Asia
9 December 2013
STRICTLY CONFIDENTIAL
CONTENTS
1
MACQUARIE OVERVIEW
2
MACQUARIE GROWTH – THE PAST ERA
KOREA – KEY PART OF THE GROWTH
STORY IN ASIA
LESSONS LEARNED FROM
INTERNATIONALISATION
3
4
MACQUARIE OVERVIEW
OVERVIEW OF MACQUARIE GROUP
Diversified, global financial services organization
„
Global provider of banking, financial, advisory, investment and funds management
services
„
Main business focus is providing products and services to clients
„
Listed on Australian Securities Exchange (ASX: MQG; ADR: MQBKY)
„
Regulated by APRA, Australian banking regulator, as non-operating holding company of a
licensed Australian bank – also regulated by over 100 regulators world-wide
„
Assets under management $A380 billion
„
Founded in 1969
Macquarie Group in numbers
Market Capitalisation
~A$18.2bn
as at December 2013
13,900
employees across
28 countries
1
$A851m
in Net Profit for
FY2011
1. 30 September 2013, 2 Long-term rating for Macquarie Bank Limited S&P, Moody’s and Fitch
A/A22
44-year
credit rating
history
ABOUT MACQUARIE
Macquarie
Funds
Corporate and
Asset Finance
• Top 50 global asset manager with $A380.7b1 of assets under management
• Provides clients with access to a diverse range of capabilities and products, including infrastructure and real asset
management, securities investment management and fund and equity based solutions
• Provider of specialist finance and asset management solutions, with $A24.6b2 of loans and assets under finance
• Global capability in corporate and real estate credit investing and lending
• Expertise in asset finance including aircraft, motor vehicles, technology, healthcare, manufacturing, industrial, energy, rail
and mining equipment
Banking and
Financial
Services
• Brings together Macquarie’s retail banking and financial services businesses
• Provides a diverse range of personal banking, wealth management and business banking products and services to retail
customers, advisers, brokers and business customers
• Global fixed income, currencies and commodities provider of finance, risk solutions and market access to
Fixed Income,
Currencies and
Commodities
producers/consumers and financial institutions/investors
• Growing presence in physical commodities (natural gas, LNG, NGLs, power, oil, coal, base metals, iron ore, sugar and
freight)
• Predominant in US and Australia, niche offering in Canada and Latin America, growing presence in Asia and EMEA
• Specialities: commodities, Asian and emerging markets, high yield and distressed debt
• Global institutional securities house with strong Asia-Pacific foundations covering sales, research, ECM, execution and
Macquarie
Securities
derivatives activities
• Full-service cash equities in Australia, Asia, South Africa and Canada with specialised offerings in US and Europe.
Specialised derivatives offerings in key locations globally
• Key specialities: Infrastructure and Utilities, TMET, Resources (mining and energy), Industrials and Financial Institutions
Macquarie
Capital
z
z
Global corporate finance capability, including M&A, debt and equity capital markets, and principal investments
Key specialities in six industry groups: Infrastructure, Utilities and Renewables; Resources (mining and energy); Real
Estate; TMET; Industrials and Financial Institutions
1. As at 30 Sep 13. Excludes ING Investment Management Korea AUM of $A25b, which MFG entered into an agreement to acquire during 1H14, subject to certain closing conditions, including regulatory approval. 2. As at 30 Sep 13.
DIVERSIFIED INCOME
Net operating income by source
12 months to 31 Mar 12
$A7.0b
12 months to 31 Mar 13
$A6.7b
Institutional and retail
cash equities
14%
24%
Equity
derivatives
13%
4%
5%
25%
Securities funds management
and administration
M&A and advisory
income
21%
24%
19%
17%
11%
7%
Note: These charts represent operating income which is net of impairment charges
Asset and equity
investments
Commodities, resources
and foreign exchange
8%
8%
Lending, leasing and margin
related income
INTERNATIONAL INCOME
66% of operating income1 in 1H14 is generated offshore
$Am
1H12
1,600
2H12
1,400
1H13
1,200
2H13
1,000
1H14
800
600
400
200
0
Australia
Asia
Americas
Europe, Middle East & Africa
1. Operating income net of impairment charges for the half year to 30 Sep 13. Net operating income in each region excludes income from the Corporate segment.
13,901 STAFF ACROSS 28 COUNTRIES
Europe, Middle East
& Africa2
Asia
Americas
Income: $A741m (21% of total)
Staff: 1,199
Income: $A485m (13% of total)
Staff: 3,280
Income: $A1,162m (32% of total)
Staff: 3,255
Australia3
Income: $A1,204m (34% of total)
Staff: 6,167
1. Operating income net of impairment charges for the half year to 30 Sep 13. Net operating income in each region excludes income from the Corporate segment. 2. Excludes staff in Macquarie First South joint venture and staff seconded to
Macquarie Renaissance joint venture (Moscow). 3. Includes New Zealand.
GLOBAL INFRASTRUCTURE MANAGER
118 PORTFOLIO BUSINESSES, ~300 PROPERTIES AND ~3.6 MILLION HECTARES OF FARMLAND1
Spain
UK
„
„
„
„
„
„
„
„
„
„
„
„
„
Bristol Airport
Airwave
Arqiva
CLP Envirogas
(MEIF Renewables)
Energy Power Resources
(MEIF Renewables)
Thames Water
M6 Toll
Condor Group (ferry services)
Moto (motorway services)
National Car Parks
Wightlink (ferry services)
Baglan Bay Power Station
Sutton Bridge Power Station
„ Asset Energia Solar
(MEIF Renewables)
„ Solpex Energia Solar
(MEIF Renewables)
„ Itevelesa
(vehicle inspections)
Canada
Czech Republic
„ Ceske Radiokomunikace
„ Czech Gas Networks
Sweden
„ EPR Sweden (MEIF Renewables, Mexico
„ Decarred (highways)
wind farm)
„ Mareña Renovables (wind farms)
„ Varmevarden
„ Telecommunication Towers
„ Arlanda Express
Portfolio
Poland Russia
„ DCT Gdansk
(container terminal)
„ TanQuid (tank
storage business)
USA
„ Autoroute 25
„ Fraser Surrey Docks
„ Halterm Limited (port)
„
„
„
„
Brunswick Rail
GSR Energy Investments
Russian Towers
OGK-5
„ Concesionaria Universidad
Politécnica
„ Macquarie Mexico REIT
„ Santiago HydroGen
„
„
„
„
„
„
„
„
„
„
AMC REIT
Chicago Skyway
Dulles Greenway
Indiana Toll Road
Elizabeth River Tunnels
Harley Marine Services
Icon Parking
Penn Terminals
Smarte Carte
Airport Services (fixed
base operations)
„ Total Terminals International
(Hanjin Pacific Corporation)
Japan
„
„
„
„
„
„
„
„
„
„
„
Aquarion Company
Puget Energy
District Energy
Duquesne Light
Hawaii Gas
Broadrock Renewables
MIC Solar
International-Matex Tank Terminals
Leaf River Gas Storage
Waste Industries
WCA Waste
Belgium
„ Brussels Airport
Denmark
„ Copenhagen Airports
France
„ Pisto SAS (oil storage and
distribution)
Osaka)
South Korea
„
„
„
„
„
„
„
„
„
„
„
„
„
„
„
„
„
„
„
„
„
„
„
C&M (Cable TV)
North East Chemical
Tongyang Cement’s Waste Heat Power
Youngduk Wind Power
Kangnam City Gas
Daegil Industry / Daegil Environment
Baekyang Tunnel
Cheonan-Nonsan Expressway
Gwangju 2nd Beltway Section 1
Gwangju 2nd Beltway Section 3-1
Incheon Grand Bridge
Incheon International Airport Expressway
Machang Bridge
Seoul Chuncheon Expressway
Soojungsan Tunnel
Woomyunsan Tunnel
Yongin-Seoul Expressway
Seoul Subway Line 9, Section 1
Busan New Port Phase 2-3
Hanjin Pacific Corporation (ports)
Macquarie NPS REIT
Macquarie NPS REIT No. 2
CNE Motorway Service Stations
Philippines
„ EPR France (MEIF
„ North Luzon Renewable Energy Corp.
Renewables, wind farm)
„ RES (MEIF Renewables,
wind farm)
„ Trois Sources & Lomont
Windfarms
„ Compteurs Farnier
(Techem, water metering)
„ Autoroutes Paris-RhinRhône
Australia
„
„
„
„
„
„
„
Germany
„ TanQuid (tank storage
„
„
„
„
„
„ Hanjin Pacific Corporation (Tokyo,
business)
GWE (Techem)
Techem (submetering)
Thyssengas
Open Grid Europe
Warnow Tunnel
China
South Africa
Nigeria
„ Lekki Concession Company
„
„
„
„
„
„
„
Kelvin Power Station
Umoya Energy
Cookhouse
Kathu
Bakwena Platinum Corridor
N3 Toll Concessions
Trans African Concessions
Brazil
United Arab Emirates
„ ICAD Effluent Treatment Plant
„ Al Ain Industrial City
„ Industrial City of Abu Dhabi
Airports Communications Energy Waste
„ Cruzeiro do Sul Grãos
India
(1 farm)
„ Viom Networks
„ Adhunik Power and
„ GMR Airports (Delhi and
Hyderabad airports)
„ Soham Renewable Energy
Natural Resources
„ MB Power (Madhya „ Trichy Tollways
„ GMR Jadcherla
Pradesh)
Expressways
„ Ashoka Concessions
Renewable
Energy
„
„
„
„
„
„
„
„
„
„
Hobart International Airport
3P Learning
Regis Group (aged care)
MREEFs
Paraway Pastoral (17 farms)
Lawson Grains (4 farms)
Melro Dairy (1 farm)
New Zealand
„ Retirement Care New Zealand
Taiwan
Hua Nan Expressway
Star King (China) Food Group „ Taiwan Broadband Communications
„ Hanjin Pacific Corporation (Kaohsiung)
MWREF (Retail Malls)
Shenyang Water Treatment Co.
Shenyang Zhenxing Environmental Protection
Hengyang Holdings
Zhejiang Wanna Environment Protection
Longtan Tianyu Terminal
Plaza 353
Qingdao
Utilities Roads & Rail Other Transport Real Estate
Services
Agriculture
Other Real
Assets
1. As at 30 September 2013. Represents portfolio businesses which Macquarie Infrastructure and Real Assets manages on behalf of investors with various direct percentage stakes held in each. Portfolio businesses shown on
the map are representative and not exhaustive. In some instances they represent the operations of a single business where it has operations across different countries.
MACQUARIE GROWTH
– THE PAST ERA
WHY WE HAD TO GROW
ƒ
Big commercial banks and global investment banks all in Australia when we started growth path
ƒ
1980s - We were dominant in our home market, so went offshore to expand
ƒ
Deregulation of the financial sector spurred competition, prompting Macquarie to be more innovative,
offer more products, look for niches
ƒ
Macquarie is the only domestic investment bank remaining in Australia
1983
Australian Dollar floated
1984
Hill Samuel Australia authorized as foreign exchange dealer
1984
14 new foreign exchange licenses granted
1985
16 foreign banks get banking licenses
1985
Hill Samuel’s name changed to Macquarie Bank
1988
Reforms start overhauls of Australia’s regulatory agencies
1989
Macquarie begins global expansion into Europe, US and Asia;
Still continuing
1990s
Macquarie becomes global leader in infrastructure asset management
2000s
Macquarie emerges as fully diversified, global financial services provider
44 YEARS OF PROFITABILITY
$Ab
2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0
Macquarie
Full Year Profit
$A851m
EXPANSION OF MACQUARIE: A TIMELINE
First listed property
trust launched
Macquarie Bank
established
900
800
Headcount
700
Australian
dollar ‘floated’
Cash Management
Trust established
600
500
Trading foreign
exchange in a
grey market
Hill Samuel
Australia
established
400
300
200
100
0
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
Headcount
1983
1984
Sydney Airport
transaction
Houston Oil and Gas
12,000
10,000
8,000
1982
Hong Kong &
New York
offices opened
London office
opened
6,000
Hills Motorway –
Macquarie’s entry
into toll roads
‘The
Australian
specialist’
4,000
BT Financial
acquisition
Korea office
established
MBL lists on
the Australian
Stock
Exchange
1985
1986
1987
1988
Non Operating
Holding
Company
Thames Water
Macquarie the
biggest foreign
buyer of US /
real estate
ING Barings
Cash Equities
acquired
2,000
0
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
MACQUARIE GROUP FOUNDATION
SUPPORTING LOCAL COMMUNITIES
Australia’s No. 1 Corporate Donor*
ƒ
The Macquarie Group Foundation was established in 1985 to formalise Macquarie's community support program and to
provide a leadership role in corporate philanthropy.
ƒ
Macquarie provides support to 1,300+ community organisations annually, focusing on the key areas of art, education,
health, welfare and the environment.
ƒ
The Foundation:
– Supports the communities in which Macquarie’s businesses operate around the world
– Develops and strengthens the community engagement of Macquarie staff around the world
– Raises awareness, both within Macquarie and externally, of areas of community need and ways in which these
can be addressed
– Provides financial and other support to community organisations where Macquarie staff are already personally
involved
ƒ
Staff fundraising, donations and volunteering are important contributors to supporting the success and long-term
operations of not-for-profit organisations
– Staff donations and fundraising are matched by contributions from the Foundation under its staff support policy
– Macquarie staff regularly commit their time and expertise through volunteering, pro bono work and serving in
executive capacities as board or committee members
*Philanthropy Australia, 2012.
STAFF DRIVEN INITIATIVES
SUPPORTED BY THE MACQUARIE GROUP FOUNDATION
Volunteering
Financial support
Skills transfer
1,300+ community
organisations
$A190 million+
over 28 years*
5000+ days
contributed
*As at 31 March 2013.
KOREA – KEY PART
OF THE GROWTH
STORY IN ASIA
KOREA – KEY PART OF THE GROWTH STORY
2000
2013
5 Staff
ƒ 280 staff
ƒ Organic growth over a period of time
1 Business
ƒ 8 diversified business entities
0 Funds
ƒ 8 Funds (1 listed fund)
Smallest
financial
player
ƒ
ƒ
ƒ
ƒ
The largest and most diverse foreign IBs
No. 1 financial adviser in Korea project finance market
The largest foreign asset manager in Korea by assets under management
No.1 foreign player in equipment lease market in Korea
MACQUARIE’S GROWTH IN KOREA
2000~1 2002
2003
2004
2005
2006
Macquarie
Korea Opportunities
Fund
Woori Macquarie
Equities
Derivatives
Corporation
MSKL now
locally incporated
subsidiary
Seoul office
JV with Shinhan
Infrastructure Fund
capitalized with KRW
247 Billion
First REIT on
Korea Exchange
OTC license
received March
2007
Infrastructure Fund
lists on Seoul and
London stock
exchanges
Woori Macquarie
Business Corporation
begins
trade in commodity
derivatives
Macquarie
Securities Ltd.
Seoul Branch
2007~8
Macquarie
Electronics
Macquarie
IMM sold to Goldman
Sachs
Top Advisor in
Korea on 2008 M&A
Financial Advisory
Thomson League
Table
MACQUARIE’S GROWTH IN KOREA
2010
2009
Macquarie
Samchully Asset
Management
Bank branch
commences
operation (Q1)
Macquarie Bank Attempt acquire
Ltd. receives full
Prudential
license
Securities Korea
2011
Bank branch
receives OTC
derivatives license
Physical oil
trading business
Commitment to build
broader business in
Korea
Korea Macquarie
Growth Fund
(KMGF)
established
2013
ASSETS MANAGED BY MACQUARIE
TRANSPORTATION
MEDIA
Seoul Subway Line 9, Section 1
Incheon International Expressway
Incheon Grand Bridge
Yongin Seoul Expressway
Gwangju 2nd Beltway,Section 1
Gwangju 2nd Beltway,Section 3
Seoul–Chuncheon Expressway
Woomyunsan Tunnel
Cheonan– Nonsan Expressway
Daegu 4th Beltway East
Baekyang Tunnel
Soojungsan Tunnel
Busan New Port
Machang Bridge
C&M
Megabox
Megabox
Megabox
Megabox
Megabox
Megabox
Megabox
(Shinchon)
(GMC1)
(Mokdong)
(Suwon)
(Daegu)
(Ulsan)
(Haeundae)
Megabox
Megabox
Magabox
Megabox
Megabox
(Seomyun)
(Suwon Youngtong2)
(COEX)
(Jeonju)
(Gwangju)
North Miaoli
(TBC)
PROPERTY
Renault Samsung Building
ING Centre
CJ Cheiljedang Building
EDUCATION
Youngjaesagwan Co., Ltd
South Miaoli
(TBC)
Taichung
(TBC)
Kaoshiung
(Hanjin)
South
Taoyuan
(TBC)
Hsinchu
County
(TBC)
Taiwan
Seattle, WA
(Hanjin)
Oakland, CA
(Hanjin)
Long Beach, CA
(Hanjin)
U.S.
Tokyo
(Hanjin)
UTILITIES
MANUFACTURING
Hanjin Pacific Corporation
Seung Gwang Co., Ltd.
Doha Industry Co., Ltd.
SLS Shipbuilding Co., Ltd.
Hyundai Forging Co., Ltd.
Chemical storage tank operator in Ulsan
Youngduk Wind Power
Osaka
(Hanjin)
Japan
TRANSPORTATION
EDUCATION
UTILITIES
MEDIA
PROPERTY
MANUFACTURING
PROVIDER OF ESSENTIAL COMMUNITY
SERVICES
„
1,855 employees employed at Hanjin terminals in the US, Japan and Taiwan (MKOF)
„
MKIF has created more than 46,000 jobs with its construction assets
„
Over half million people travel on Macquarie Korea’s asset roads every day
„
3.8 million TEU and 2.2 million of boxes handled by 6 Hanjin Terminals
„
2,715,258 Cable TV subscribers and 631,633 of ISP subscribers at C&M
„
724,628 Cable TV subscribers and
140,227 of ISP subscribers at TBC
„
Megabox provides movie venues at
52 sites nationwide
„
Provided chemical storage service
(199,000KL) to major petrochemical
companies and traders in Ulsan
„
Generated 70,657 MWh power at
Youngduk Wind Power (with 39.6
MWh capacity)
CSR INITIATIVES IN KOREA
SUPPORTED BY THE MACQUARIE GROUP FOUNDATION
„
Macquarie Korea Community Day is an annual staff-driven volunteer activity in
Korea for local communities and fund-raising activities. Macquarie Korea provides a
full business day to participating staff who spend the day volunteering at charities for
the underprivileged or unwell. In addition, Macquarie Group Foundation fosters the
tradition of giving back to the society and actively encourages the staff’s involvement
in community services.
„
Macquarie is the Global Partner of the World Taekwondo Federation under the multimillion dollar sponsorship agreement announced on 31 March 2008. The
sponsorship provides opportunities for underprivileged children to learn Taekwondo
through Enhancing Young Lives program.
„
In early 2006 Macquarie donated $US2 million to the Korea Advanced Institute of
Science and Technology’s Graduate School of Finance to assist in the development
of local financial experts. The funds will also be used for research into financial
techniques and other projects.
„
Every year Macquarie staff participate in UNICEF – Change for Good program to
help millions of vulnerable children around the world have a healthier, happier future.
All funds raised through the program are applicable for support from the Macquarie
Group Foundation through the staff donation support program.
„
Korean Community Advisory Committee (KCAC) represents our commitment to
return to Korea some small measure of the gains we have made here. Through
KCAC, we have donated to the Holt Foundation to buy milk for abandoned infants,
supported Hwasong Baby Home, funded newspaper deliveries to underprivileged
schools in remote areas and donated funds to a local orphanage and to
disadvantaged middle school students.
LESSONS LEARNED
FROM
INTERNATIONALISATION
OVERVIEW
Relatively consistent approach throughout each period of growth
„
Macquarie’s overall approach to internationalisation has remained relatively
consistent
„
One approach doesn’t necessarily fit all businesses
— Different business did adopt different approaches
„
As the scale and scope of international activities increases the key areas of
emphasis / importance can vary
„
However, there are a core set of principles that have been identified for success
during “lessons learned” reviews in relation to internationalisation
BROAD PRINCIPLES
Adjacencies and special value
„
Pursuing adjacent opportunities
— constantly evolving and new initiatives tend to be organic
— initiatives are adjacent if they flow naturally from something we already do
— this idea helps us avoid stretching too far into areas we do not understand
„
Focus on where we can add special value to clients and the market
— Those closest to the clients and markets are best position to identify opportunity
— Avoid applying new resources to areas where Macquarie expertise is untested
„
Entry mode
— Forming joint ventures and making niche acquisitions
— Largely organic growth with only selective acquisitions
— We do not acquire companies until we have organic experience in new market
“New business initiatives come from the broader team”
- not a strategic planning office
OPERATING FRAMEWORK IS IMPORTANT
“Freedom within boundaries”
„
„
„
„
„
This philosophy has been a key to Macquarie's success
It is a balance between operating freedom, controls on risk limits and observance of
professional standards
The framework:
— “Boundaries” are set by Board and senior management – the “centre”
— Boundaries exist in relation to credit risk, market risk, operational risk, regulatory
compliance, IT standards and reputation risk
— Within Macquarie’s risk framework the aim is to give business heads a high level
of entrepreneurial freedom to develop and implement business unit strategy
— “Freedom” to explore opportunities and growth within those boundaries
An independent, centralised risk management group is extremely important element
of this approach
This approach hasn’t changed as a result of internationalisation
APPROACH TO RISK MANAGEMENT
„
„
„
„
Risk is an integral part of the Macquarie Group’s business and management of that
risk is critical to continuing profitability
— Where risk is assumed, it is within a calculated and controlled framework
— Ownership of risk always lies with the business and principal responsibility for risk
management lies with business managers
However, independent validation of all material risk acceptance decisions is required
from the Risk Management Group (RMG) who is responsible for assessing and
monitoring risks across Macquarie
— RMG ensures a consistent approach across all areas and ensures that these
risks are quantified in terms of their worst case outcomes and that the aggregated
risk does not exceed Macquarie’s economic capability to bear risk
— RMG monitors credit, market and regulatory risk daily
— Any breaches are addresses immediately and escalated rapidly, if necessary
Internal Audit reviews business operations, on a cyclical basis, to provide assurance
to senior management and the Board on the continued effectiveness of Macquarie’s
risk management framework
RMG reports directly to the Managing Director and the Board
LESSONS FROM THE EARLY DAYS
Pre 2000’s internationalisation
„
Focus on the “best” businesses for internationalisation
— Aim to add value to the new market immediately
„
Send the “best” staff to build the businesses
— Impress immediately and succeed in difficult situations
— Ability to adapt and refocus
„
Provide strong support from head office – regular communication, senior executive
visits, etc
— Staff will feel isolated
— Many risks are heightened in offshore offices, including dissipation of culture,
poaching of staff and potential deviation from desired behaviours
„
Patience is important and failure used to learn
„
Accept a lack of critical mass and market knowledge in early days and develop
strategies to address these deficiencies
— Consultants, industry specialists, local recruitment, business partners
LESSON FROM THE MID-YEARS
Support, focus and decide
„
Leverage not weaken the core business
— Focus on the needs of clients and leverage resources, expertise, etc of the head
office
— Do not expand at the expense of weakening the core business
„
Continually adapt to change and commit to growth through cycles for successful
businesses, market downturns have typically created opportunities
„
Staffing
— Localise but embed corporate culture and foster common cultures across offices
— Recruitment can be a challenge: you are no longer the go to recruiter and
prestige organisation in the market
— Retaining staff can be a bigger challenge: your staff will be attractive to
competitors
„
Support areas need to internationalise with businesses and adapt processes
accordingly: HR, IT, Finance
„
Frequent visits by senior management
EXAMPLES: INFRASTRUCTURE
Adjacent expansion in infrastructure
EXAMPLES: FICC
FICC’s strategy has involved predominantly building adjacencies from
core businesses
Environmental
product trading
Structured
Commodity
Finance
Started commodities
platform
Futures execution
and clearing
Foreign exchange
Ag Structured
Finance –
finance into
small and
medium sized
producers
Metals and Energy
Capital
Debt capital markets
and interest rates
1980’s
1999
Credit Trading
Ethanol trading
JV
2001
Acquired
Australian
assets of
Bankers Trust
(Australia, US,
Brazil)
Established
Macquarie
Futures USA
Energy
Markets and
derivatives
business
2002
2003
Metals and
Energy Capital
(Houston)
Cook Inlet
acquisition
(natural gas)
2006
Physical base metals
Expansion of
US futures
clearing
platform
(Shatkin Arbor)
Corona
acquisition
2005
Physical coal
trading
2007
2008
Physical power
business
(Houston)
Purchased Integrys
wholesale electronic
marketing and trading
portfolio
2009
Asian markets
Commodity
Investor
Products
Commercial mortgage
finance & CMBS
Credit
solutions
Physical oil
2010
2011
2012
Constellation
acquisition
(gas trading)
Latin American
physical oil
markets
Credit sales
& trading
Canadian
crude oil
markets
Ag derivatives
Pulp & paper
Brazil office
Iron ore
LNG
EXAMPLES: GROWTH MOVES
Team hires and JVs have been regular elements of growth
^ Exited. * JV/alliances with Abu Dhabi Commercial Bank in investment banking, real estate and FICC. #Initial JV/alliance with Woori Bank in equity derivatives. Established an alliance in FICC in Aug 2006.
THANK YOU