The headcount at Macquarie’s continental European outposts, which includes several smaller or niche operations in 12 other EU cities, has grown by almost a third in the past three years. The Europe, Middle East & Africa (EMEA) business now accounts for about a quarter of Macquarie’s global income – not far off Australia’s contribution – and almost the same percentage of its worldwide assets under management. Most of this was achieved under Macquarie’s old strategy: capitalising on pockets of local expertise – M & A in Frankfurt, say – or seizing opportunities as and where they arose. Connect the dots…