Macquarie executive director departs amid internal merger

Macquarie Group (Macquarie) has announced that head of Macquarie Securities Group (MSG), Stevan Vrcelj, will step down from his role and from the executive committee, following news of an internal merger of two of the group's three capital markets facing businesses: Macquarie Securities Group (MSG) and the Commodities and Financial Markets Group (CFM).

Vrcelj has been head of MSG since 2011 and has been a member of Macquarie's executive committee since 2010.

Andrew Downe will step into the role of head of commodities and global markets group.

Vrcelj will stay in his role over the coming months to assist Downe with the integration of the two groups.

Commenting on his departure, Macquarie Group MD and CEO, Nicholas Moore, said that Vrcelj had been an outstanding leader of MSG in a period marked by challenging market conditions and significant structural change in the securities industry.