Macquarie Asset Management has agreed to acquire Central Park Group, an alternative fund manager with $ 3.5 billion in assets under management.
Financial terms of the deal, which is expected to be finalized in early 2022, were not disclosed.
Macquarie Asset has over $ 520 billion in assets under management and is the global financial management unit of the Macquarie Group.
“We have long admired Central Park Group’s track record of innovation and success in providing alternative solutions to individual investors,” said Ben Way, director of Macquarie Asset, in a joint press release. “Given our expertise in alternatives and our significant presence in the middleman channel, the combination of Macquarie and Central Park Group uniquely positions us to meet the needs of individual investors by providing increased access to alternative investments as well as ‘an improved customer experience. “
Graeme Conway, chief commercial officer of Macquarie Asset, added in the press release that the asset management industry “is changing rapidly” and that investor demand for alternative strategies “is playing a central role in this radical change.”
Gregory Brousseau, Co-CEO and Co-CIO of Central Park, said in the statement that the combination with Macquarie is the “next natural step” in the company’s evolution.
“We will continue to offer world-class alternative investments, and clients will benefit from the additional resources, depth and scale of a leading global financial institution,” added Mr. Brousseau.
According to the Central Park website, Mr. Brousseau is a founding partner of the firm and has over 25 years of experience in alternative investments, including merger arbitrage and fund of fund portfolio management. Before co-founding Central Park, Mr. Brousseau was co-head of the alternative investment group at UBS Financial Services.