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麦格理银行的国际扩张

时间:2015-06-07 08:47来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien
麦格理银行的国际扩张
 
麦格理银行(现为麦格理集团)已经从一个小型的英国投资银行的澳大利亚子公司发展成为世界最著名的银行之一,它在基础设施的创新领域尤为突出,有着专业的投资方法并建构了一个平台,同时资产和收入的增长以及安全基础设施私有化在文艺复兴早期占有一定的市场份额。
 
麦格理集团成功的国际扩张开始于真正的资产管理和投资专业技能的积累,这主要由于地处于澳大利亚,得益于两个同时重要的发展定位:政府寻求更多基础设施融资的创新形式的意愿与他们养老基金的扩张,恰逢他们对这些投资项目看法一致。
 
养老基金在澳大利亚很早就引起人们的重视,他们的目标就是可以提供长期稳定的收入,退休后可以通过投资基础设施得到便利,这就提供了良好的责任匹配。
 
The International Expansion Of Macquarie Bank
 
Macquarie Bank (now Macquarie Group) has risen from a small, Australian subsidiary of a UK investment bank to become one of the world’s most prominent banks. It is particularly prominent in the field of infrastructure where an innovative, specialist approach to investing and structuring has given it a platform to grow assets and revenues and secure early market share in an infrastructure privatisation renaissance. 
 
Macquarie Group successful international expansion began with the accumulation of specialist skills in “real asset” management and investing. This is primarily due to its location in Australia where it benefited from two simultaneous and important developments: the willingness of governments to seek more creative forms of infrastructure finance coincided with the expansion of superannuation funds and their capacity to invest in these projects. 
 
Superannuation funds in Australia recognised early that their aim to provide long-term, stable income for retirement could be facilitated by investing in infrastructure, which can provide a good liability match. In Australia, industry funds are the fastest growing sector of the pension market, and this is where the most interest in infrastructure assets can be seen (Deloitte, 2007). One major Australian consultant to industry funds has a typically very high allocation (approximately 5 to 8%) within balanced portfolios (Baltazar, 2008). In the mid-1990’s the Australian Federal Government changed the landscape for retirement savings in the country by legislating compulsory retirement savings schemes, or superannuation. Superannuation funds have long had allocations to real assets such as real estate and infrastructure creating steady demand for expertise in this area (Oliver, 2006). Australia’s massive privatisation programme during this time, particularly tollroad privatisations, followed on the coat tails of other nations. Recent private infrastructure investing actually has its origins in Europe and is now enjoying a renaissance in terms of private ownership that really began with Margaret Thatcher's Government during the early 1980's through the introduction of Public/Private Partnerships. Later in her tenure, Prime Minister Thatcher privatised many UK utilities. Moreover 200 years ago most infrastructure in the US and UK was privately owned. Where Australia, and Macquarie Group, has led the way has been the mass privatisation of user-pays infrastructure, which has not only included regulated utilities but also, transport or patronage infrastructure, including tollroads and airports. These are the types of assets and models that Macquarie has been able to market so successfully here and overseas (Lazard Asset Management, 2005). (责任编辑:BUG)


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