MQG +0.56%: Announced it has sold its $285bn US and European public markets division known as ‘Macquarie Asset Management’ to Japanese firm Nomura.
The division includes international equities, fixed income, and multi-asset strategies and the transaction includes the transfer of around 700 staff and associated operating infrastructure. Macquarie will retain its public investments business in Australia.
This move marks a strategic recalibration for Macquarie Asset Management (MAM) and the decision appears well-aligned with broader performance trends. Since acquiring Waddell & Reed for US$2.3 billion in 2020 to scale its public investments capabilities, MAM has seen base fees from public investments decline by ~13%, even as total Assets Under Management (AUM) grew by ~6%.
The sale is expected to generate approximately A$2.8 billion in proceeds, which adds to Macquarie’s existing surplus capital position of around A$3 billion (excluding hybrids). The key question for investors now shifts to capital deployment strategy — how and where Macquarie will allocate this increased capital buffer to drive future growth and returns.
The transaction is anticipated to complete by the end of calendar year 2025, with only a modest financial impact expected in the fourth quarter of FY26. Macquarie has maintained its existing guidance ahead of its FY25 results, scheduled for release on 9 May. We see this move as an effective step toward redeploying capital into areas of higher strategic value – namely expanding their Australian asset management footprint and global private capital markets.
MM remains long and bullish MQG
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