Macquarie Group began trading in 1969 as Hill Samuel Australia, obtained its bank licence in 1985, and listed in 1996. It's Australia's only sizable listed investment bank, now internationally diversified, operating in corporate finance, treasury, commodities, equity markets, and funds management. The firm pioneered the buying of assets and rolling them into funds, providing a captive client for the group. Most of these funds were dissolved during the GFC, but the lucrative income source has been replaced by the growing annuity businesses.