The Macquarie Group yesterday announced the acquisition of US-based asset management firm Delaware Investments for $428 million. Macquarie has earlier articulated a strategy of using MA to consolidate its position in its core businesses, taking advantage of opportunities created by the financial crisis, and yesterday's deal fits squarely into this strategy.
Delaware had assets under management of $125 billion as of June 30 and will bring the Macquarie Group's AUM to over $300 billion. Macquarie Funds Group MFG, the asset management arm of Macquarie, had around $67 billion of AUM as of July 31.
Macquarie Bank will provide funding for the deal, which is expected to close by the end of...
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