Macquarie Asset Management is reinforcing its presence in the U.S. with a very important move: By the end of the year, the leader of the Australian money manager will relocate to New York.
"It's important I be there," Ben Way, group head, said in an exclusive interview. "That's our biggest business in terms of people and AUM, and also I think our biggest opportunity. New York is the capital of asset management globally, so it will be great to be there" and there's a "lot more to do there," Mr. Way said.
As of June 30, Macquarie AM had A$773.9 billion ($533 billion) in assets under management, with public markets accounting for about two-thirds of AUM.
In moving to New York, he's leading from the front. "I can't be asking my team to be doing things I don't do myself," he said. Plus, his two daughters are at college on the West Coast of the U.S. — so he'll now be "close enough, but not too close" from their point of view, he joked.
While he'll be at arm's length for his kids, he'll be at the heart of Macquarie AM's growing team and business — one that has expanded over recent years with major acquisitions in New York in particular. At the same time, he's positioning the firm for opportunities in infrastructure secondaries, a growing private credit franchise and all the while keeping a very close eye on sustainability — both in terms of the opportunities it presents and the increased importance of doing the right thing.
His move comes after more than 20 years in Asia, with the last decade in Hong Kong and time spent in Beijing, Seoul and Taipei.
Mr. Way was Asia CEO for seven years before becoming head of the money management division in April 2021, and the move to New York will be a big change — but one that will support Macquarie's growing business in the Americas.