Australia's Macquarie Group is to merge Macquarie Securities Group and the Commodities and Financial Markets Group. Macquarie management claim that client commitment and the opportunity to provide clients with an integrated, end to end service across global markets prompted the merger.
Macquarie Group (Macquarie) has announced the merger of two of its three capital markets facing businesses: Macquarie Securities Group (MSG) and the Commodities and Financial Markets Group (CFM).
With the growth of financial technology firms and other options drastically cutting costs and commissions the securities and cash equities trading business of global banks is coming under increased cost pressure.
Management Restructure Winners and Losers
The Sydney headquartered global investment banking and diversified financial services group say the integration will bring together Macquarie's highly regarded execution, research, derivatives, trading, fixed income, foreign exchange and commodities businesses.
CFM Group Head, Andrew Downe, will become Group Head of the newly formed Commodities and Global Markets Group (CGM). MSG Head, Stevan Vrcelj, will step down from his current role and from the Executive Committee.
Vrcelj will assist Downe with the integration of the two groups over the coming months.
