Macquarie Group’s headquarters in Melbourne. Credit: Ottre.

Australian investment bank Macquarie Group has announced a series of management changes in the latest leadership overhaul that includes bidding farewell to a number of longstanding executives.

Macquarie Group Limited (MGL) and Macquarie Bank Limited (MBL) board member Gordon Cairns, who extended his tenure last year to guide new appointees, will step down on 7 May 2021.

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Cairns had been a member of the two boards for more than six years.

MBL managing director and CEO Mary Reemst is also set to retire on 1 July 2021, following 22 years of service with the company. She will be replaced by Stuart Green, who has been associated with Macquarie for 20 years and serving as group treasurer since August 2013.

Additionally, Macquarie Asset Management (MAM) Group Head Martin Stanley will step down on 1 April 2021. Stanley will also leave the Executive Committee after serving as a member for two years.

Ben Way will succeed Stanley as the Group Head of MAM and will also join the Executive Committee.

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Currently, Way leads the Global Alternatives division in MAM and also serves as Macquarie Group’s Asia CEO.

The Australian investment bank also provided an update on business activity in the third quarter of the financial year ending 31 March 2021 (3Q21).

Macquarie Group anticipates a ‘slightly down’ FY21 result on FY20 due to the global impact of Covid-19 pandemic.

The company reported that annuity-style businesses, which includes MAM and Banking and Financial Services (BFS), combined 3Q21 net profit contribution was up on 3Q20 due to improvement in trading conditions.

MAM had A$550.9bn in assets under management (AUM) at 31 December 2020, down 1% from 30 September 2020.

Notably, Macquarie Capital completed 100 transactions globally in 3Q21, while MIM entered into an agreement to acquire US wealth manager Waddell & Reed Financial for $1.7bn in December last year.