As Macquarie Group
hunts for acquisitions, some specific types of shops are on its wish list here in the U.S.
, deputy global head of Macquarie Investment Management
and president of Macquarie's Delaware Funds
here in the U.S., confirms that organic and inorganic growth are both part of the Australian multinational's plans in asset management. Lytle talked with MFWire
on the sidelines of Macquarie IM's investment outlook press luncheon yesterday at Macquarie's offices in New York City.
In terms of investment capabilities, Lytle says, he's particularly interested in firms with certain specializations like emerging market debt, global equity, and multi-asset. As for business channels in the U.S., Macquarie IM already has particularly strong distribution with wirehouses, Lytle says. He's interested in mutual fund shops with strong distribution in the DC I-O, independent, or RIA channels.
Worldwide, Macquarie has more than $3 billion of free capital. Some of that money could go towards such acquisitions. Macquarie last acquired a U.S. asset manager when it bought
Delaware Investments at the beginning of 2010
for $451.8 million in cash.
Macquarie Asset Management (which includes Macquarie IM) has about $361 billion in AUM and 1,551 employees across 24 countries. It runs the 43rd largest mutual fund family in the U.S., is among the top 50 global asset managers, is in the top ten global insurance asset managers, and is the world's largest infrastructure manager, Lytle says. Macquarie AM is also about 35 percent of Macquarie Group, the biggest single piece of the multinational.
Macquarie's AUM breaks down into: $84.4 billion in equities (managed by 15 equity boutiques), $152.1 billion in fixed income, $6.6 billion in multi-asset, and $117.9 billion in alternatives. They see their investment offerings as lying on the two ends of a barbell, with high-alpha equity and fixed income offerings on one side and alternatives on the other, Lytle says. The middle of the barbell, namely passive and "plain vanilla active" management, are not what Macquarie's trying to compete with.
"We're trying to be at the ends of the barbell, offering client solutions that complete that beta," Lytle says.
Lytle moderated a panel discussion at the luncheon. The panelists included: Roger Early
, global co-head of fixed income; Brad Frishberg
, chief investment officer of global listed infrastructure; John Leonard
, global chair of equities; and Bob Zenouzi
, CIO of real estate securities and income solutions.
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