Macquarie to sell private equity funds business
Macquarie Group will sell its private equity funds management business in a management buyout but has not disclosed the price of the deal for the business, which has $5 billion in assets under management.
The three current fund managers of Macquarie Investment Management Private Markets (MIMPM), which has about 50 institutional clients, will set up their own firm — ROC Equity Partners — and take responsibility for the business after the sale.
The buyout follows a strategic review conducted by Macquarie in which it was decided MIMPM would operate better in a boutique environment to provide the outcomes required by its investors.
Macquarie declined to comment on the deal and further details via the Australian Stock Exchange were unlikely as the sale would not trigger the ‘material change' provisions required for Macquarie to make a comment.
Macquarie currently has $340 billion in assets under management, with the sale of the MIMPM representing less than 1.5 per cent of its assets under management.
AUTHOR
Jason Spits
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
