Macquarie Group Reports Flat 9-Month Profit Amid Commodities Trading Weakness, Asset Management Growth This title effectively summarizes the main points of the article, including the flat nine-month profit, weakness in commodities trading, and growth in asset management.

Title Macquarie Group Reports Flat 9-Month Profit Amid Commodities Trading Weakness, Asset Management Growth

Macquarie Group, Australia's largest asset manager, has announced a largely flat nine-month profit of AU$2.5 billion ($1.57 billion), with its market-facing divisions experiencing weakness. This was partially offset by growth in its asset management and banking units.

The commodities trading division, which had been a key earnings driver for Macquarie in recent years, saw a significant decline in net profit contribution due to subdued conditions in certain commodity markets. Additionally, the unfavorable impact of timing of income recognition primarily on North American gas and power contracts also contributed to the decline.

In contrast, Macquarie's asset management arm continued to perform well, with higher performance fees and investment income leading to profit growth. As of December-end, the company oversaw AU$942.7 billion ($591.64 billion) worth of assets, a 3% increase from September 30.

The banking and financial services division also saw increased profit contribution due to continued volume growth and lower operating expenses.

While the commodities trading division experienced weakness, Macquarie's diversified portfolio and strong performance in other areas helped to mitigate the impact. The company remains one of the biggest gas marketers in North America and has a significant presence in the infrastructure investment space.

In conclusion, while Macquarie's nine-month profit was largely flat, the company's asset management and banking units performed well, offsetting weakness in its commodities trading division.

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