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 $US3.5 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.”
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 advisers 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.
