Katherine Jimenez, Banking

Sydney (The Australian) - MACQUARIE Bank has admitted that for the first time it will earn no performance fees from the three largest publicly listed funds it manages - including Macquarie Airports - because their shares have failed to reach benchmark targets. Macquarie Infrastructure Fund, which owns $10.8 billion of toll roads in the US, Europe and Australia, issued a statement advising that the second tranche of the 2005 financial year performance fee "was not earned and no performance fee was earned for FY2006".

A Macquarie Bank spokeswoman later confirmed that its two other main satellite funds, Macquarie Airports and Macquarie Communications Infrastructure, would also not be earning a performance fee...

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Posted by rjorr at July 6, 2006 10:32 AM