Macquarie Asset Management to acquire Central Park Group


FILE PHOTO: FILE PHOTO: Australian group Macquarie’s logo adorns a desk in the reception area of ​​its Sydney head office

(Reuters) – Australia’s Macquarie Group Ltd announced Thursday that its asset management division has agreed to acquire investment advisory firm Central Park Group to expand into the US wealth management market.

The acquisition will allow Macquarie Asset Management to tap into the growing market of providing easy access to alternative assets such as private equity and real estate to high net worth individuals, who currently devote less than 5% of their wealth. to such investments, said Graeme Conway. , commercial director of the company.

“We are seeing this market quadruple over the next few years,” Conway said.

High net worth individuals, with assets worth up to $ 25 million, control investments valued at more than $ 19 trillion, according to consulting firm McKinsey.

Terms of the transaction were not disclosed.

Founded in 2006, New York-based Central Park Group provides a platform for high net worth individuals to invest in private equity, hedge funds, real estate, funds of funds and other so-called investment products. alternative. It has $ 3.5 billion in assets under management and its acquisition by Macquarie is expected to close in early 2022.

Macquarie Asset Management has approximately $ 520 billion in assets under management across Australia, the Americas, Europe and Asia.

(Refiles to spell Macquarie Asset Management in the 2nd paragraph)

(Report by Chibuike Oguh in New York, edited by Mark Porter)

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