Australian Macquarie Group bulked up its European asset management presence with the acquisition of a Luxembourg-based rival.
Macquarie will acquire Luxembourg-based ValueInvest for an undisclosed sum, the Sydney-based firm in a statement.
While well-known in Australasia and the U.S., Macquarie's asset management division is an also-ran in Europe and has vowed to acquire to beef up. It had been among the suitors for Old Mutual's asset management arm, which in December went to private equity firm TA Associates.
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ValueInvest, a 20-year-old firm which follows a value strategy, recorded assets under management of $4.9 billion at year-end. Until now, Macquarie's European arm had focused on infrastructure, transport, energy and commodities.
Its 17 staff will join Macquarie’s multi-boutique equity structure headed by John Leonard, the Macquarie unit's head of equities. The deal is expected to close by mid-year.
