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.
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]
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.