next revenue driver

I can't help but think that MQG are on their way to boost profits further over the next 12 months by simply taking their satellites off the market.

MAP announcing a $1b buyback. Macquarie's unlisted infrastructure vehicle buying in may actually be the model they pursue and generate a handy sum for the mother ship!

MIG, well they continue to buy in and now hold almost 20%.

I said it a couple of months ago, that I would not be surprised if MQG were to buy these assets back. Given they are trading substantially below NAV, they could simply offer 10-15% below NAV, and then place MIG and MAP into their unlisted global infrastructure fund at a 5-10% discount to NAV.

MAP and MIG shareholders are happy, the investors in the unlisted funds are happy to acquire these assets below NAV, and MQG pick up 5% of the value + advisory fees in the process.

And in terms of ongoing revenue for MQG, well, it just doesn't change as it doesn't matter whether whether they are picking up management fees from the unlisted vehicle or the listed funds.

While some will be very cynical if they do this, the fact is, MQG have an excellent track record of adapting and making the most of the situation they are in.