Macquarie Asset Management to buy US-based Central Park Group

The logo of Australia’s Macquarie Group Ltd adorns a desk in the reception area of their Sydney office headquarters in Australia. REUTERS/David Gray

Australia’s Macquarie Group Ltd said on Thursday its asset management division has agreed to acquire investment advisory firm Central Park Group to expand in the US wealth management market.

The acquisition will let Macquarie Asset Management 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 allocate less than 5% of their wealth to such investments, said Graeme Conway, the firm’s chief commercial officer.

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