AUSTRALIA/US - Macquarie Group has agreed to acquire US asset management firm Delaware Investments in a bid to become a more global player.
Macquarie announced today that it will pay Lincoln Financial Group US$428m in cash for its Delaware subsidiary.
Macquarie said: "The acquisition is consistent with Macquarie's strategy to develop a global asset management capability through building a highly regarded team of investment professionals, offering an attractive suite of investment products and gaining broader access to the world's largest capital market".
Post acquisition, Macquarie will have over $300bn in assets under management.
Philadelphia-based Delaware currently runs $125bn in domestic and international equity and fixed income strategies. But its clients will now have access to Macquarie's staples- real assets, global fixed income and alternatives. Macquarie, meanwhile, will market Delaware's products globally.
In a release, Macquarie said the management structure at Delaware will not change.
Delaware president Patrick Coyne will remain in his position, but will report to executive director of Macquarie Funds Group and head of Macquarie's affiliated managers division, Ben Bruck.
Bruck will relocate to Philadelphia.
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