Macquarie on Friday posted half-year profit below estimates, as its wealth management arm faces sluggish deal activity and a lack of asset realisations. The Australian financial conglomerate's profit attributable for the six months ended Sept.

Macquarie Group’s interim profit has increased to $1.61bn, buoyed by higher performance fees, but the result fell short of analysts’ expectations and the company cautioned of softer commodities income.

Macquarie posted a rise first-half profit on Friday, driven by a surge in earnings from its asset management division, but missed market consensus after its key commodity facing business took a hit due to subdued volatility in energy markets.

Australia’s biggest investment bank and asset manager said the performance was underpinned by improved realizations in Macquarie Asset Management, as well as further progress in the digitalization program in banking and financial services.

Macquarie Group Ltd.’s profit fell short of analyst estimates as subdued volatility weighed on its key commodities and global markets business. The stock opened 4.3% lower.