Powered by MOMENTUM MEDIA
subscribe to our newsletter

Macquarie offloads shares in YBR

The Macquarie Group has sold off some of its shares in wealth management and mortgage company Yellow Brick Road, dropping its holding to below 10 per cent.

The group held nearly a fifth (18.4 per cent) of YBR’s shares, but an ASX release earlier this week revealed that the banking group had dropped its stake to 7.8 per cent. 

Meanwhile, ASX-listed investment service the Mercantile Investment Company has increased its stake in the business by 10 per cent, bringing its voting power to 19.9 per cent. 

Executive Chairman of Yellow Brick Road, Mark Bouris, said that although the number of shares among major stakeholders has changed, business will remain as usual. 

“Mercantile Investments Company Limited (MVT) has simply increased its stake in YBR. Macquarie Group (MQG), who as result of the sale, have simply reduced its stake,” Mr. Bouris told Mortgage Business.

Advertisement
Advertisement

No statement has yet been released from Macquarie as to why it has decided to sell down its stake in the company.

While YBR had reported several years of marked losses (over the 2016 financial year, the group lost $99.5 million, up from the $2.6 million loss in the prior financial year), it had reported its third successive profitable half in February of this year.

The wealth and broking group said that it was a result of a “focused and disciplined business approach and strong cost control”, with revenue up by 5 per cent and costs down by 4 per cent. 

YBR has also recently welcomed some new faces to the company. Earlier this year, it was announced that former Macquarie Bank executive director Frank Ganis had taken up an advisory role with the company, and last month, former AMP Bank executive Glenn Gibson took up the reins as general manager of YBR, following the departure of Andrew Rasby.

[Related: Ex-banker to replace Rasby at YBR]

PROMOTED CONTENT


 

Macquarie offloads shares in YBR
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

Home ownership costs jumped by 130 per cent over two generations, with Gen X spending a quarter of their income servicing their loan, accord...

Fintech lender Tic:Toc has secured $25 billion of additional funding for the next seven years, after extending a partnership with Bendigo an...

The non-bank lender has closed its first RMBS deal under the Bluestone Prime program, worth $700 million. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.