MAp flies the coop as Macquarie transforms its airport model

The entire Macquarie Bank management strategy is changing, as the Bank seeks to retire debt and reverses away from the trust and management-fee driven model which it perfected during the good times. Macquarie today announced that Macquarie Airports, MAp, was to be "internalised". That is, it will become a standalone operation, acquiring the two Australian trusts which are part of the MAp stapled structure, as well as terminating the European Macquarie Capital Funds agreement with Macquarie Airports Limited.