Macquarie Group talked up the opportunities for its "capital markets facing" businesses during an operational briefing yesterday, but the low returns generated by these businesses left analysts cold.Macquarie divides its six divisions into two groups - annuity businesses and markets-facing businesses. The annuity businesses, which include funds management, corporate and asset finance, and banking and financial services, produced an average return on equity of 19 per cent during the six months to September.The markets-facing business, which includes Macquarie Securities, Macquarie Capital and FICC (fixed income, currencies and commodities), all took a hit during the financial crisis and are still in recovery. The average ROE for these businesses in the September half was six per cent.One analyst asked: "Are these businesses getting an adequate return? How long should it [their recovery] take?"According to the outlook statement presented yesterday, four of the six divisions will report higher earnings for the year to March. The banking and financial services result will be "broadly in line" with the 2012/13 result and FICC result will be down.Last year's biggest earner was Macquarie Funds, which manages a A$430 billion diversified global portfolio. Close behind was corporate and asset finance, which has a $28.1 billion portfolio of loans and assets under finance. CAF is one of the biggest providers of motor vehicle finance in Australia, it is one of North America's largest lessors of technology equipment, and it is a significant provider of semi-conductor finance in Asia.CAF continues to explore opportunities in specialist finance markets. During the December quarter its new Macquarie Rotorcraft helicopter-leasing business completed its first transaction.The banking and financial services division made a successful re-entry into the Australian mortgage market last year. The division's book grew 27.3 per cent, to $15.1 billion, in the 12 months to December - the highest growth of any lender in the market.The bank sees opportunities in Asia and North America, and is pursuing what it calls a "one firm" strategy in these markets. This involves collaboration between all the business groups.Macquarie's regional head for Asia, Alex Harvey, said the strong growth in capital in Asia, as well as in sovereign wealth funds and pension funds, provided the group with plenty of opportunities.And Macquarie's country head for the United States, Michael McLaughlin, said the opportunities in North America were in funds management, energy, infrastructure and private equity.The group's executive would not be drawn on the ROE Macquarie was generating in these markets.Macquarie's chief executive, Nicholas Moore, said the group had $2.7 billion of surplus capital. He also expects it will still have surplus capital after meeting the Australian Prudential Regulation Authority's capital requirement for its new conglomerates rule, which takes effect next year. This will give it plenty of scope to grow.