Macquarie Asset Management has agreed to acquire Central Park Group, an alternative money manager with $3.5 billion in assets under management.
Financial terms of the deal, which is expected to close in early 2022, were not disclosed.
Macquarie Asset has more than $520 billion in AUM and is the global money management unit of Macquarie Group.
"We have long admired Central Park Group's track record of innovation and success in delivering alternative solutions to individual investors," said Ben Way, head of Macquarie Asset, in a joint news release. "Given our alternatives expertise and our significant presence in the intermediary channel, the combination of Macquarie and Central Park Group uniquely positions us to address the needs of individual investors by providing increased access to alternative investments along with an enhanced client experience."
Graeme Conway, chief commercial officer at Macquarie Asset, added in the news release that the asset management industry is "rapidly evolving" and demand by investors for alternative strategies is "playing a central role in this dramatic shift."
Gregory Brousseau, co-CEO and co-CIO of Central Park, said in the release that combining with Macquarie is the "natural next step" in the firm's evolution.
"We will continue to offer best-in-class alternative investments, and clients will benefit from the added resources, depth and scale of a major global financial institution," Mr. Brousseau added.
According to Central Park's website, Mr. Brousseau is a founding partner of the firm and has more than 25 years of experience in alternative investments, including merger arbitrage and fund-of-funds portfolio management. Prior to co-founding Central Park, Mr. Brousseau served as co-head of UBS Financial Services' alternative investment group.
