Quote of the week

"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

Weekly Poll

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Goldman Sachs

Earnings at the investment management division were $1.11 billion for the first quarter, down 6 per cent from a year earlier. Net revenues at the division fell 8 per cent on a year-over-year basis to $1.18 billion. Lower management and other fees, as well as lower transaction revenues, dragged revenues down relative to the first quarter 2011. Over the quarter, the firm saw assets under management net outflows of $26 billion, predominantly in money market assets ($18 billion of outflows) but also in equity and alternative investments. On the other hand, net market appreciation of $22 billion saw AuM fall by only $4 billion, to $824 billion.

DBS

Southeast Asia’s biggest lender posted a 16 per cent rise in net profit to a record S$933 million ($751 million) in the three months to March 2012 from a year ago, bolstered by customer lending. Net interest margins increased four basis points to 1.77 per cent from higher loan yields. Loans rose 3 per cent (excluding currency translation effects) to S$198 billion, with Singapore-dollar loans leading the increase.

Macquarie Group

The Australia-based banking group saw its net profit after tax drop 24 per cent in the full year to 31 March 2012 from the year-earlier period due to low client activity and global market uncertainty.  Net earnings for the period was recorded at A$730 million, although this was partially offset by a 39 per cent rise in earnings to A$425 million in the second half compared to the preceding six months.

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