Macquarie Group, Australia’s largest investment bank, saw its shares decline by over 2% as it provided a cautious outlook for its asset management division.
![The bank expects the division to face ongoing economic challenges in the first half of 2024. Photo: Getty Images](https://krugmaninsights.com/wp-content/uploads/2023/09/Macquarie-Group-1.jpg)
Macquarie reported a 3% decrease in its private markets’ assets under management (AUM), which amounted to A$326.8 billion ($207.84 billion) as of June 30.
This decline was attributed to the expiration of co-investors’ management rights on a specific asset.