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Macquarie feels the sting of rising interest rates on its sprawling asset management business

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The investment bank’s sprawling asset management business, which has benefitted from more than a decade of ultra-low interest rates, faces a tougher environment.

Macquarie Group’s reputation for being more highly leveraged to interest rate changes than most Australian financial institutions has been confirmed by the latest blow-out in global bond yields.

At the same time, the yield on US 10-year bonds – considered the global benchmark – has shot up from 3.6 per cent to close to 5 per cent, the highest level since 2007. But the longer interest rates remain high, the greater the risk that the debt will have to be refinanced at more expensive interest rates, and higher borrowing costs will hamper the funds’ performance.

Macquarie’s banking and financial services group was responsible for about 12 per cent of the group’s net profit in the 2023 financial year.

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