42  Macquarie’s capital markets facing businesses delivered a  combined net profit contribution for the year ended 31  March 2014 of $A1,113 million, an increase of 68 per cent  on the prior year. For Macquarie Securities, the key drivers in  the improved performance compared to the prior year were  improved global equity market conditions combined with the  wind down of legacy activities, while Macquarie Capital  benefited from improved equity capital markets compared to  the prior year. Fixed Income, Currencies and Commodities’  profit contribution improved on the prior year mainly due to  improved trading opportunities from a general improvement  in market conditions across most markets, and increased  volatility in commodity markets driving a higher level of client  hedging activity.  Macquarie’s annuity style businesses continued to perform  well, generating a combined net profit contribution for the  year ended 31 March 2014 of $A2,137 million, an increase  of 26 per cent on the prior year. The depreciation of the  Australian dollar relative to the prior year was a significant  contributor to the improved performance of Macquarie  Funds, driving increased base fee income, and Corporate  and Asset Finance, driving increased net interest and trading  income and net operating lease income. Macquarie Funds  also benefited from improved performance fees and returns  from principal investments. Banking and Financial Services’  profit contribution was also up on the prior year, benefiting  from growth in loan and deposit volumes and the gain on  disposal of an investment in OzForex.  Corporate and Asset Finance delivered a net profit  contribution of $A826 million, up 19 per cent on the prior  year. Corporate and Asset Finance increased its asset  finance and corporate lending portfolio by 14 per cent to  $A25.5 billion at 31 March 2014. Corporate and Asset  Finance’s corporate and real estate lending portfolio  increased by 12 per cent to $A9.0 billion, with additions of  $A3.8 billion in new primary financings and loans acquired in  the secondary market. Asset quality within the lending  portfolio remained sound and the portfolio continued to  generate strong overall returns. The asset finance portfolio  increased by 14 per cent to $A16.5 billion, driven largely by  strong growth in the motor vehicle and equipment finance  operations, as well as the impact of foreign exchange  movements. Other activities during the year included the  establishment of Macquarie Rotorcraft Leasing, a helicopter  leasing business; the initiation of commercial solar energy  financing in Australia; and continued expansion of the UK  meters portfolio and the mining equipment finance business.  Securitisation activity continued with $A2.8 billion of motor  vehicle and equipment leases and loans securitised during  the period.  Corporate and Asset Finance  specialises in corporate debt  and asset financing across aircraft, motor vehicles,  technology, healthcare, manufacturing, industrial, energy, rail  and mining equipment.  Macquarie Funds delivered a net profit contribution of  $A1,051 million, up 39 per cent on the prior year. The result  was driven by increased annuity base fee income, with a 24  per cent increase in Macquarie Funds' AUM to $A424.8  billion, improved performance fee income and higher equity  accounted gains. The increase in AUM was due to a  combination of the acquisition of ING Investment  Management Korea, a top 10 asset manager in Korea with  approximately $A24 billion in AUM on acquisition in  December 2013, favourable currency and market  movements and positive net flows. Macquarie Investment  Management is at record AUM and Macquarie Infrastructure  and Real Assets raised more than $A5.3 billion in new equity  commitments to invest in North American and Asian  infrastructure, Mexican real estate, UK energy and global  agriculture. It invested $A4.0 billion of equity in portfolio  assets across the globe and divested assets of over $A6.5  billion.  Macquarie Funds  is a global asset manager offering a  diverse range of products. Annuity-style income is provided by three significant  businesses: Macquarie Funds, Corporate and Asset Finance  and Banking and Financial Services, which are delivering  superior returns following years of investment and recent  acquisitions. Macquarie’s three capital markets facing  businesses: Macquarie Securities, Macquarie Capital and  Fixed Income, Currencies and Commodities are well  positioned to benefit from improvements in market  conditions with strong platforms and franchise positions.  A summary of the performance of Macquarie’s operating  segments is provided below. Further information on  Macquarie’s operating segments can be found in Note 3 to  the financial statements contained within the 2014 Financial  Report.  For internal reporting and risk management purposes,  Macquarie is divided into six operating groups and a  corporate group. These segments have been set up based  on the different core products and services offered.  Operations 