A share market crash in China, or some harder to predict X factor, is probably the chief risk to the earnings profile and prospects of Macquarie Group, the fund manager that used to call itself a bank. The credibility of Macquarie and its management team have, if anything, emerged strengthened three months into the global credit crunch.The group has raised in excess of $10 billion in bank debt to fund the reorganisation of the group; continued to raise debt and equity capital for managed and affiliated funds over the three months of the crunch; and management expects key business units to prosper in the period ahead - a luxury shared by only a minority of Macquarie's near rivals in north America and Europe at present. There's no surprise in the headline of the Macquarie profit for the year to September 2007, which, at a rise of 45 per cent for half year net profit of $1.06 billion was explained to the market two weeks before the end of the company's financial year.Yesterday was a minor milestone in the commercial history of Macquarie, as the first day in business under the non-operating holding company structure that now owns Macquarie Bank as a subsidiary and which separately owns the investment banking business now known as Macquarie Capital.This latter business continues to be the powerhouse of the Macquarie profit. While the group does not report things in precisely this manner, the profit for Macquarie Capital increased by 49 per cent over six months and by 61 per cent over 12 months to $488 million, representing 46 per cent of the group's profit.(For each division Macquarie presents only the percentage of "profit contribution before income tax and includes certain internal management charges" but not actual profit, in dollars, for each division. For simplicity these percentages are overlaid on the reported net profit.)Seventy seven per cent of the profit of Macquarie Capital is attributed to what's now dubbed Macquarie Capital Advisers, which includes the specialist funds management business. This is the cash cow for Macquarie and the least exposed to any future skittishness in markets.Fees from mergers and acquisitions and advisory and underwriting increased by 52 per cent over six months and by 41 per cent over 12 months to $898 million, equal to half the rise in fee income around the group.Fees from brokerage and commissions increased by 20 per cent over six months and 42 per cent over 12 months to $616 million. This largely reflects the favourable equity markets in Asia and especially China where Macquarie's expanded business units are firing. Equity markets increased profit by 140 per cent to $159 million over six months.This business, however, produced the only real note of caution from Allan Moss in the bank's outlook statement, since, while the group expects profit from this division to rise over the next six to 12 months current trading conditions "may not be sustained".Among core metrics for Macquarie's September 2007 briefing, profit increased to 30.2 per cent from 25.8