The first unauthorised history of Macquarie Group goes into granular detail about the personalities and decisions that turned it into the Millionaires’ Factory.
Their dispassionate analysis of this unique financial institution, which is based on interviews with up to 200 current and former employers, as well as interested observers, should be compulsory reading for the big four bank CEOs and their direct reports. The book has a breezy, conversational style.
It is embarrassing to reflect on how the big four banks all failed in their offshore expansion strategies in the United States, Asia, South Africa and Europe. They also failed to understand the importance of niche strategies in funds management. With the benefit of hindsight, governments in Australia and in the United Kingdom were completely outsmarted by Macquarie.
The authors spend a lot of time on Macquarie’s culture, the value of which is defined by Moore as the difference between its equity and market cap, or about $40 billion.But the book never really explains why Macquarie’s senior executive should get paid as if they own the business instead of as employees. This justification was used in the 1990s when Moore and others were building new global operations.
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