Macquarie Group, the Australian financial services group, saw a 17 per cent rise in net earnings after tax for the 2013 full year to A$851 million ($872 million), attributed to positive global market conditions and expense control within the firm.

Performance was strong across the board. Annuity-style businesses, composed of Macquarie Funds, Corporate and Asset Finance and Banking and Financial Services, grew 4 per cent compared to the previous year, while its capital markets facing businesses, composed of Macquarie Securities, Macquarie Capital and Fixed Income, Currencies and Commodities, delivered a combined net profit contribution up 201 per cent on a weak earlier year.

For the 12 months ended 31 March 2013, the annuity-style businesses posted a combined net profit contribution of 10 per cent, while the capital markets facing operations delivered a 54 per cent contribution.

As of 31 March 2013, total assets under management at Macquarie Group stood at A$347 billion, up from A$327 billion in March 2012.

Alongside the results, the firm announced that Catherine Livingstone will retire from the boards of Macquarie Group and Macquarie Bank effective 25 July 2013. Livingstone joined the board in 2003 and eventually become chairman of the board audit committee. Her role will be filled by Michael Coleman, who joined the company in November 2012. 

Also retiring is Peter Maher, currently the group head of banking and financial services. Maher has served this post for the past 12 years. Greg Ward, currently deputy managing director of Macquarie Group and chief executive of Macquarie Bank, adds the title of group head of BFS to his responsibilities.

Other appointments and departures were also announced. Nicole Sorbara, who has been named chief operating officer and head of the newly-formed corporate operations group in 1 January 2013, has joined the executive committee. Nigel Smyth, who retired as head of the market operations and technology group in 1 January, will leave the company on 1 July 2013.