Macquarie Group half-year profit misses estimate

(Reuters) – Macquarie on Friday posted half-year profit below estimates, as its wealth management arm faces sluggish deal activity and lack of asset realisations with timelines continuing to be pushed further out.

The Australian financial conglomerate’s profit attributable for the six months ended Sept. 30 fell to A$1.61 billion ($1.06 billion) from A$1.42 billion last year.

That beat a consensus estimate of A$1.73 billion, according to Visible Alpha, cited by UBS.

($1 = 1.5198 Australian dollars)