Macquarie Group has announced an acquisition and a divestment, back-to-back.
On Thursday, Macquarie Group confirmed its asset management division would acquire an independent New York-based investment advisory firm, the Central Park Group, marking its expansion into the US wealth management market.
According to a statement issued by Macquarie, with more than US$3.5 billion in assets under management, the acquisition of Central Park Group will help Macquarie Asset Management (MAM) become a leader in the US high-net-worth alternatives sector.
“We have long admired Central Park Group’s track record of innovation and success in delivering alternative solutions to individual investors,” said Ben Way, head of Macquarie Asset Management.
“Given our alternatives expertise and our significant presence in the intermediary channel, the combination of Macquarie and Central Park Group uniquely positions us to address the needs of individual investors by providing increased access to alternative investments along with an enhanced client experience,” Mr Way added.
Noting the rapid evolution of the asset management industry, MAM’s chief commercial officer, Graeme Conway, noted the acquisition would allow the asset manager to “empower clients and their financial advisors to invest for long-term success through access to institutional-quality alternative investment opportunities in thoughtful structures”.
The transaction is expected to close in early 2022.
Macquarie to divest One Rail Australia
A day later, MAM announced it has inked a deal with rail operator Aurizon to divest One Rail Australia.
On behalf of its managed funds and clients, MAM said the divestment follows five years of ownership and investment into the business.
In a separate announcement, Aurizon revealed the deal is worth $2.35 billion.
Aurizon managing director and CEO Andrew Harding said the transaction offered a unique opportunity to grow Aurizon’s business and create value for shareholders.
"The One Rail acquisition is highly strategic and transformative for Aurizon. It is fully aligned with Aurizon’s strategy to grow our bulk freight business into new markets and new geographies in Australia,” Mr Harding said.
Aurizon aims to complete the ORA acquisition by January-April 2022, but this is subject to regulatory approvals.
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.
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