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Macquarie Asset Management to acquire Central Park Group -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The logo of Australia’s largest investment bank Macquarie Group Ltd is displayed on a desk at the Sydney headquarters of Macquarie Group Ltd, October 28, 2016. REUTERS/David Gray/File Photo

By Chibuike Oguh

(Reuters) – Australia’s Macquarie Group Ltd (OTC) announced on Thursday that its asset management division had agreed to purchase investment advisory firm Central Park Group in order to grow the U.S. wealth market.

Macquarie’s acquisition of Macquarie will allow them to tap into a growing market that provides easy access to alternatives assets such as real estate and private equity to high-net-worth investors, according to Graeme Conway (the firm’s chief commercial officers).

“We see this market quadrupling in the next few years,” Conway said.

McKinsey Consulting estimates that high-net-worth people, with assets up to $22.5 million, control investments worth more than $19 trillion.

The transaction terms were not disclosed.

New York’s Central Park Group was founded in 2006. It offers a platform to high-net-worth investors who want to invest in hedge funds, private equity and real estate fund of-funds. The company has assets of $3.5 billion and Macquarie will likely close the deal in 2022.

Macquarie Asset Management oversees assets worth $520 million in Australia, Europe, Asia, and the Americas.

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