Macquarie Group Ltd (ASX: MQG) is merging its private bank and wealth division, leading to the departure of about a dozen advisers. The head of wealth says the company plans to focus on high net worth (HNW) investors enabling them to" better deliver on this commitment", with a "comprehensive and tailored wealth and banking offering".
Australia has a growing number of HNW individuals also helped by migration, with more HNW migrants coming to Australia than any other country, according to research by New World Wealth.
Macquarie Group's shares are up 9% in a month, trading on a forward price-earnings-ratio (PER) of 13x and paying a 5% annual dividend yield.
Other similar companies in the Diversified Financial sector, which has a median forward PER of 19x, include: Platinum Asset Management Limited (ASX: PTM) on a forward PER of 19x, Magellan Financial Group Ltd (ASX: MFG) on a forward PER of 18x and Challenger Ltd (ASX: CGF) on a forward PER of 19x.
