From Breakingviews - M&G would be a tricky hop for kangaroo raider
of the British press. Chief Executive Shemara Wikramanayake has said some of the bank’s A$12 billion of excess capital could be used for M&A.in 2019, and remains an odd beast: a legacy life insurance business, including an annuity unit in run-off, with a fund arm bolted on. Neither sit easily together, given different capital needs. Moreover, new CEO Andrea Rossi is barely at his desk and has not yet articulated a new strategy.
Buying the whole company would be bold. Macquarie doesn’t have a large insurance arm, which makes up more than half of M&G’s profit. The appeal is likely to be in the fund management group. Macquarie’s own asset management arm accounted for over 30% of net profit in the first half of its current financial year. M&G brings expertise in hot areas like private credit and leveraged finance.
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