Concept
Macquarie Private Bank is private banking inside Macquarie Group: a division of Macquarie Bank Limited (not a separate legal entity) within the Wealth Management arm of the Banking and Financial Services (BFS) group. The unit is led by Justin Crawford; at the AGM on 23 July 2026 it was announced that BFS head Greg Ward becomes Group CEO on 7 November 2026, with Ben Perham taking over BFS the same day.
History and evolution
- 1969 — Hill Samuel Australia founded, the predecessor of Macquarie Group.
- 1985 — Macquarie Bank created.
- 1996 — ASX listing.
- 2008 — Singapore private wealth launch.
- October 2011 — Asian private wealth (Singapore and Hong Kong) sold to Julius Baer.
- 2013 — Canadian private wealth sold to Richardson GMP.
- May 2018 — Private Bank and Private Wealth merged into a single HNW unit.
- 22 April 2025 — Nomura deal announced: sale of Macquarie Asset Management's US and European public investments business for US$ 1.8 billion, all-cash.
- 1 December 2025 — Nomura deal completed (~US$ 166 billion AUM at completion); Australian public investments (~A$ 300 billion AUM) retained by Macquarie.
- 2026 — leadership transition: Greg Ward as Group CEO and Ben Perham as BFS head from 7 November 2026.
Regulation
Macquarie Bank Limited is an APRA-supervised authorised deposit-taking institution (ADI) holding an AFSL via ASIC. Key measures and proceedings: an APRA A$ 500 million operational-risk capital overlay plus liquidity add-ons (April 2021; partially eased in February 2026, the overlay remains); an AUSTRAC enforcement investigation disclosed in June 2021, with no penalty to date; a Federal Court penalty of A$ 10 million (April 2024, fee-withdrawal controls); an ASIC market-disruption penalty of A$ 4.995 million (September 2024, electricity futures); an FCA fine of £ 13,031,400 against Macquarie Bank London (November 2024, fictitious trades); and an A$ 35 million penalty ordered by the NSW Supreme Court on 16 March 2026 for short-sale misreporting. In FY26 the group CEO's profit share was cut by 25% over risk and regulatory matters.
Source of wealth
Typical client wealth comes from entrepreneurs and business owners, professionals and executives, proceeds of business sales, and property wealth. Like other private banks, Macquarie verifies the source of funds during onboarding.
Who it serves
High-net-worth clients in Australia: business owners and sellers, professionals and executives, families with property wealth, plus not-for-profit and philanthropic organisations.
Services
Officially: strategic wealth planning, full-service financial advice, banking and borrowing (CMA accounts, deposits, home loans, business banking), NFP and philanthropic support, access to group deal flow and alternatives, and the Macquarie Wrap platform. Note: Macquarie's own margin-lending book (~A$ 1.5 billion) was sold to Bendigo/Leveraged Equities in January 2009, so lombard lending capability is limited or white-label today.
Entities
| Jurisdiction | Legal entity | Form and supervision | Role |
|---|---|---|---|
| Australia | Macquarie Bank Limited | ADI, APRA supervision; AFSL via ASIC | Core: private bank, deposits, Wrap platform |
| Australia | Macquarie Equities Limited | AFSL, ASIC supervision | Broking and advice execution |
| Singapore / Hong Kong / London | Macquarie Bank branches | MAS / HKMA / PRA-FCA | Institutional and wholesale only, no private banking |
Strengths
- Access to group deal flow and alternatives within a single ecosystem.
- BFS scale at 31 March 2026, according to official information: record NPAT of A$ 1,610 million (+17%), deposits of A$ 215.3 billion, a loan book of A$ 199.9 billion, funds on the Wrap platform of A$ 155.9 billion, around 2.3 million customers.
- Group: NPAT A$ 4,847 million (+30%), group AUM A$ 748.0 billion (30 June 2026).
- The Nomura partnership includes Nomura distributing Macquarie private-market funds to US HNW and family-office clients.
Where it falls short
- Australia-only: Asian and Canadian private wealth were sold; there is no private banking outside Australia.
- Own lombard lending is limited after the 2009 margin-lending sale.
- No private-bank-only AUM is disclosed; scale can only be gauged via BFS proxies.
- A 2021–2026 regulatory record of penalties and prudential measures; in September 2025, a A$ 321 million Shield Master Fund remediation for Wrap platform clients.
Macquarie Private Bank is a private bank deeply embedded in an investment-banking ecosystem and focused on the Australian market: its strengths are access to group deal flow and platform scale, its weaknesses a narrow geography and limited securities-backed lending.
Q/A
What is the entry threshold for Macquarie Private Bank?
Officially, generally A$ 1 million or more in investable assets or cash deposits. Press reports describe it as lower than big-four peers, although this has not been officially confirmed.
Does Macquarie Private Bank operate outside Australia?
No. Asian private wealth was sold to Julius Baer (2011) and Canadian private wealth to Richardson GMP (2013). The Singapore, Hong Kong and London branches serve institutional clients only.
How are client deposits protected?
The Financial Claims Scheme covers up to A$ 250,000 per account holder, aggregated across Macquarie Bank's single ADI licence. Offshore branch deposits and custodial Wrap assets are not covered.
Does the bank offer lombard lending?
Its own margin-lending book (~A$ 1.5 billion) was sold to Bendigo/Leveraged Equities in January 2009. Today lombard lending is limited or white-label.
What did the Nomura deal change?
Macquarie sold MAM's US and European public investments business for US$ 1.8 billion (completed 1 December 2025) while retaining Australian public investments. Nomura distributes Macquarie private-market funds to US HNW and family-office clients.