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.

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

High net-worth individuals, who have assets worth up to $25 million, are estimated to control investments valued at more than $19 trillion, according to consulting firm McKinsey.

Terms of the transaction were not disclosed.

Founded in 2006, New York-based Central Park Group provides a platform for high net-worth individuals to invest in private equity, hedge funds, real estate, fund-of-funds, and other so-called alternative investment products. It has $3.5 billion in assets under management and its acquisition by Macquarie is expected to close in early 2022.

Macquarie Asset Management has about $520 billion in assets under management spread across Australia, the Americas, Europe, and Asia.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.