even the most bearish are reporting a profit, page-74

Gold bars they don't get anything like 70% from the infrastructure and real estate funds


just remember they have a lot of internal funds as well
also they do a hell of a lot of advisory work for other companies

In addition to that they make a lot of money from stuff totally unrelated to the real estate and infrastructue funds
things like cash management trusts, the provision of deriviative products to traders and that kind of stuff, brokerage, analyst advice...

here is a list of sources of income

Diverse sources of income
* Operating income for the year ended 31 March 2008. Excludes net impairment charges.
Base funds management fees, specialist funds, 7.2%
Base funds management fees, other funds, 3.8%
Performance fees, 4.4%
Income from asset realisations, 11.2%
Mergers and acquisitions, advisory and underwriting, 16.8%
Brokerage and commissions – wholesale, 11.1%
Brokerage and commissions – retail, 3.3%
Other, 2.6%
Dividends & distributions, 1.0%
Share of net profits of associates, 1.9%
Net interest income, 8.1%
Interest rate products, 1.2%
Commodities products, 4.5%
Foreign exchange products, 3.0%
Equity derivatives products, 13.4%
Other fee and commission income, 2.3%
Financial products & cross border leasing, 1.6%
Banking, lending and securitisation 0.8%

lets go through each one and establish what is taken out by management

Base funds management fees, specialist funds, 7.2%...
(Macquarie has a lot of internal funds and external funds)
Base funds management fees, other funds, 3.8%....
(I take it these would be non-specialist funds so this would not apply)
Performance fees, 4.4%
(macquarie has both internal and external funds)
Income from asset realisations, 11.2%
( I don't think Macquarie would get the income from asset realisation in a fund. That would stay in the funds themselves. In any case I can't see Mac getting any money here)
Dividends & distributions, 1.0%
(macquarie invests in a lot of businesses not only its funds, you only have to look at the substantial holder notices to work that out)

Mergers and acquisitions, advisory and underwriting, 16.8%
(macquarie would advise the funds on acquisitions but they would also advise other companies as well)

Brokerage and commissions – wholesale, 11.1% ..(nothing from here)
Brokerage and commissions – retail, 3.3% (nothing from here)
Other, 2.6%
Share of net profits of associates, 1.9%
Net interest income, 8.1%
Interest rate products, 1.2%
Commodities products, 4.5%
Foreign exchange products, 3.0%
Equity derivatives products, 13.4%
Other fee and commission income, 2.3%
Financial products & cross border leasing, 1.6%
Banking, lending and securitisation 0.8%


as far as I can see they would probably get the following amounts from the the realestate and infrastructure funds

Base funds management fees, specialist funds ... 5%
Performance fees 3%
Dividends & distributions, .05%
Mergers and acquisitions, advisory and underwriting 8%

so when they say they get 20% of their income from these funds