SYDNEY — Australia’s top investment bank, Macquarie Group, has tapped veteran executive Greg Ward to take over as chief executive from Shemara Wikramanayake. Investors are responding positively to the announcement, describing Ward as a steady and experienced hand who is unlikely to steer the bank away from its current path.
Romano Sala Tenna, a portfolio manager at Katana Asset Management, called the decision a sensible one, though not a surprising one. “It looks like a fairly logical and reasonable appointment. You could potentially argue that it’s not a creative appointment. It’s not an appointment that’s going to dramatically alter the direction or course of Macquarie. I would think the opposite. I think it’s a fairly steady-as-she-goes transition,” he said.
Sala Tenna added that Macquarie remains in a strong position within the Australian financial landscape. “Macquarie continues to be exceptionally well positioned, particularly in the Australian landscape, virtually unchallenged in many regards for what it brings to the table,” he noted. He suggested there was no pressing need for a major strategic overhaul, saying the company was comfortable choosing someone with deep internal knowledge to maintain the current momentum.
Hugh Dive, Chief Investment Officer at Atlas Funds Management, agreed that Ward was the obvious candidate. “I would say the bank will probably continue along the same lines. Greg was the logical pick and the one the markets expected, as he is a former CFO and across all business lines,” Dive said. He suggested the one area that might see increased attention is the Banking and Financial Services division, noting it has shown strong growth and provides more predictable profits compared to Macquarie Capital.
Andy Forster, a portfolio manager at Argo Investments, echoed the sentiment, calling Ward “a safe pair of hands.” While Forster acknowledged that some observers — including himself — may have anticipated a pick from one of the bank’s higher-growth sectors such as asset management or commodities, he expressed confidence in Ward’s capabilities. “Greg knows the business well and his track record’s been good with what he’s done at BFS,” Forster said, referring to the banking and financial services division. “I don’t think anything’s radically going to change,” he added.
