Last Thursday in The Financial Standard there was an article (see below) about MQG looking to bulk up its funds management via acquisitions.
05/02/2009 Macquarie targets funds mgmt acquisitions From The Financial Standard
The Financial Standard reports: Macquarie Group is aiming to take advantage of anticipated divestments of wealth management businesses by its global banking and investment banking rivals to bulk up in funds management.
Macquarie Funds Group (MFG) head Shemara Wikramanayake told analysts at a Macquarie Group operational briefing today that she had put together a team to investigate acquisitions in Australia and overseas. She says the group is open to a large transformational deal or more specialised acquisitions. At December 30, MFG had $73 billion in assets under management, down from $78.6 billion in March last year. The big falls were in real estate securities, down from $3 to $1.6 billion and listed equities, down from $9.4 to $7 billion.
PAC Price at posting:
$3.60 Sentiment: LT Buy Disclosure: Held
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