SYDNEY, July 23 (Reuters) – Australia’s top investment bank Macquarie Group has appointed long-serving executive Greg Ward to succeed CEO Shemara Wikramanayake, a choice investors said represented a “safe pair of hands” and confidence in the bank’s current direction.
ROMANO SALA TENNA, PORTFOLIO MANAGER, KATANA ASSET MANAGEMENT:
“It looks like a fairly logical and reasonable appointment. You could potentially argue that it’s not a creative appointment. It’s not an appointment that’s going to dramatically alter the direction or course of Macquarie. I would think the opposite. I think it’s a fairly steady-as-she-goes transition.”
“Macquarie continues to be exceptionally well positioned, particularly in the Australian landscape, virtually unchallenged in many regards for what it brings to the table.”
“There isn’t anything that requires a strategic shift in direction or something and hence they’re comfortable to appoint someone that has that internal understanding and is going to keep things going as they are.”
HUGH DIVE, CHIEF INVESTMENT OFFICER, ATLAS FUNDS MANAGEMENT:
“I would say the bank will probably continue along the same lines. Greg was the logical pick and the one the markets expected, as he is a former CFO and across all business lines.”
“Probably the only change may be a greater emphasis on the Banking (BFS) division, which has been surprisingly successful in growing market share and contributing to Macquarie’s profits. It is a more stable source of profits than Macquarie Capital.”
ANDY FORSTER, PORTFOLIO MANAGER, ARGO INVESTMENTS:
“He’s probably a safe pair of hands.”
“He’s experienced, understands the whole business, but I think most people, probably myself included, maybe thought it would be someone else from the larger parts of the business, perhaps the higher growth areas in asset management or the commodities business.”
“Greg knows the business well and his track record’s been good with what he’s done at BFS (banking and financial services).”
“I don’t think anything’s radically going to change.”
(Reporting by Christine Chen and Scott Murdoch in Sydney; Editing by Sonali Paul)
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