Macquarie's twin presence in New Zealand

Macquarie's dealings in New Zealand are independent of the Australian company and operate under two distinct entities: a financial services company and a publicly traded property company.

Macquarie Goodman Property Trust was first listed on the New Zealand stock exchange in June 1999. It has a market capitalisation of $478 million, making it one of the largest listed property trusts on the exchange. The Australian entity, the Macquarie Goodman Group, holds a 29 per cent stake in the trust.

It owns 20 industrial and business properties with a combined value of $600 million located predominantly in Auckland.

Its financial services or investment arm, Macquarie New Zealand, has a 20-year history here. With more than 100 employees at offices in Auckland, Wellington and Christchurch, the company's financial services group offers retail banking and advisory services, among others.

Within this division was Macquarie's wealth management arm, which had grown "considerably" since it was bought this year from PriceWaterhouseCoopers, said Jim McLay, chairman of Macquarie Goodman (NZ), the company that manages the trust.

McLay said the New Zealand operation functioned seamlessly within the parent firm's operation.

"Macquarie regards New Zealand as part of its home market," he said. "We have a large presence and a significant commitment to New Zealand."

McLay refused to characterise the company's local or global strategy as notoriously aggressive, but said: "When we are presented with opportunities we go after them hard."