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Private equity drives Macquarie to a record

Profits at Macquarie Bank, the Australian investment firm planning a bid for the London Stock Exchange, rose 88% to a record A$482m (€300m) in the six months to September, thanks largely to management fees charged to its private equity and infrastructure funds.

The bank said strong fee income, particularly from growing offshore activities in private equity and infrastructure, should help it eclipse last year's full-year record result of A$823m.

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