Sceptics query Macquarie’s growth spurt

The latest surge in the share price of Macquarie Bank will have the cynics wondering whether the success of the “Macquarie model” is too good to be true. While there is enormous admiration for Macquarie and the success of the novel blend of investment banking and specialist funds management it has pioneered, there is also disquiet about the sheer pace of its growth and the complexity and opacity of its structure.