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Rating:Macquarie Won't Be Another Guggenheim Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, April 27, 2012

Macquarie Won't Be Another Guggenheim

News summary by MFWire's editors

Delaware Investments' [profile] parent, Macquarie Group, may no longer be in the market for buying for asset managers. As recently as February multiple news sources pointed to Macquarie as a leading bidder the U.S. arm of DWS, yet now Macquarie is making cuts in two business lines.

Cynthia Koons of the Wall Street Journal reports that the Australian firm plans to cut costs by up to 25 percent in its core investment banking unit, Macquarie Capital, and in Macquarie Securities. The move follows a 35.6 percent drop in its global dealmaking over the past year and a 60 percent drop in the investment banking unit's profits. 

Edited by: Neil Anderson, Managing Editor


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