Response to Fairfax article regarding Macquarie Private Wealth, published 5 September 2017
Sydney, 05 Sep 2017
Today's Fairfax article alleging serious and inappropriate workplace behaviour by former un-named Macquarie staff once again pertains to an unrelated matter being pursued by class action lawyers Macpherson Kelley. Macquarie’s response to Macpherson Kelley which was provided to Fairfax has not been included in the article. The allegations made by the lawyers, which appear to be an attempt to solicit clients, lack any credible evidence or source.
Importantly, we note that although this will be the fourth article on this matter, no litigation against Macquarie has commenced. If Macpherson Kelley is unable to substantiate these assertions or show any relevance to the allegations it is pursuing, it raises real questions about the firm’s compliance with the Solicitors’ Conduct Rules.
As part of a full investigation into the Cleveland Mining matter, Macquarie wrote in June to clients who owned shares in the company, informing them we are conducting a review. That investigation is substantially complete and we have found no evidence of inappropriate trading.
None of the workplace behaviour allegations raised by Fairfax involve current staff. The allegations were either never previously put to Macquarie, or those that were made were reviewed and appropriate action taken. Macquarie treats all allegations of inappropriate or illegal behaviour with the utmost seriousness.
Macquarie has overhauled its retail advisory business following the Enforceable Undertaking with ASIC from 2013. This has included appointing a new management team, new systems, controls and training and substantial financial investment.