Banking News

Maquarie hunting for wealth acquisitions in Europe

Maquarie hunting for wealth acquisitions in Europe

(5 December 2017 – Europe) Australia’s fifth largest banking group, Macquarie is seeking to expand its asset management arm in Europe through acquistions, a senior executive has said. 

The bank has around A$472 billion in assets under management (AUM), with acquisitions a key driver in growing the unit. Macquarie is one of the investors chasing Old Mutual Global Investors, the £35 billion asset management arm of Old Mutual, the FTSE 100-listed insurer.

“We regularly consider how to add a third leg to the stool alongside our existing Australasian and US [fund management] operations,” said Shemara Wikramanayake, head of Macquarie’s asset management arm.

“Growing inorganically presents more challenges. It is a delicate process in terms of bringing cultures together.”

Earlier this year, a Macquarie-led consortium finalised a deal with the UK Government to buy the Green Investment Bank for £2.3 billion, as part of its push into the global renewable energy market.

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