Press Release

Macquarie hires Toby McCullagh and Matthew Webb to expand its consumer research offering

London, 13 October 2016

Macquarie Securities, the institutional equities arm of Macquarie Group, has continued the build out of its consumer research team in London with the appointment of two senior analysts, Toby McCullagh and Matthew Webb.

The arrival of Toby and Matthew, who will cover the food and household products and beverages and leisure sectors respectively, bolsters the consumer team’s rapidly expanding coverage to 38 stocks across Europe. The team is led by Sreedhar Mahamkali and also includes Andreas Inderst and Daniele Gianera who joined the team in the last year and cover sporting goods and luxury brands.

Prior to joining Macquarie, Toby spent three years at Citi covering companies in the home and personal care industry. He has also previously held roles in the research teams of Morgan Stanley and Bear Stearns where he covered tobacco and mid-cap food stocks, in addition to covering global consumer staples at Martin Currie.

Matthew has almost two decades of consumer investment experience, with a particular focus on the beverage industry. He joined Macquarie from JP Morgan, where he led the general retail research team for three years, having previously been a leading beverages analyst at JPM and Cazenove, which he joined in 2000 from Credit Suisse.

Commenting on the appointments, Shai Hill, Head of European Research, said: “Toby and Matthew are great additions to the Macquarie consumer research team and their arrival allows us to further extend our coverage of the leading and most interesting stocks within the sector.

Against the uncertainty of the macroeconomic backdrop in the UK and across Europe more widely and the impact this has on consumer confidence, the performance and strategy of some of the biggest brands in Europe continues to be of utmost interest to investors. We are pleased to provide an expanded consumer research offering in Europe that - in keeping with Macquarie’s core research strategy - will leverage the expertise of all our consumer analysts around the world to deliver insight and alpha to our clients.”



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