Macquarie has ridden a powerful wave of thematic investing, particularly in data centres, even as questions build about the resilience of its internal culture and strategic direction.
The group moved early on digital infrastructure, culminating in a $24 billion sale of AirTrunk in 2024, where one of its funds held a majority stake.
Only weeks later, Macquarie and its co-investors closed a $US40 billion ($57.3 billion) sale of US-based Aligned Data Centres to a consortium including Global Infrastructure Partners, BlackRock, Nvidia and Microsoft.
Those back-to-back exits are feeding hefty performance fees into earnings, while ongoing volatility in global energy markets in 2026 keeps Macquarie’s commodities trading arm humming.
Behind the profit momentum sits a more complex story about leadership transition, culture and regulatory pressure that investors say the next chief executive cannot ignore.
Macquarie confirmed at its annual meeting that long-serving insider Greg Ward will replace the current chief later this year, maintaining the firm’s decades-long habit of promoting from within.
The group, founded in 1969 as an offshoot of British investment bank Hill Samuel, has never reached outside for a chief executive.
Fund managers argue Ward inherits a franchise with strong long-term prospects but one whose governance and compliance issues have started to drag on sentiment toward the stock.
Several investors stress that fixing cultural settings and clearing regulatory challenges should come before chasing the next big growth engine.
