Macquarie Airports proposes to buy out the management rights of its parent Macquarie Group for $345 million despite acknowledging that it would be in a position to internalise its management without having to pay its parent a cent if it could gain the required support from bondholders.

With this move, another Australian investment fund has terminated Macquarie Group as manager to save costs, raising doubts if the specialist-listed funds started by the bank would survive.

Last month, shareholders of Macquarie Communications Infrastructure, another Macquarie-managed fund, endorsed $1.3 billion deal by Canada Pension Plan Investment Board to buy Macquarie Communications.

Macquarie Group pioneered the specialist listed funds model in the early 1990s, under which it bought assets and placed them into funds from which it earned management fees. The model was later picked up by some Wall Street investment banks.

The move is being seen by analysts as another sign that Macquire Group could sever ties from the bulk of its listed satellites by 30 September, the end of its financial year. Meanwhile, MAp has proposed a plan that would allow it stand on its own to create further value.

According to MAp's independent directors, the fund should pay Macquarie 150 million new shares at $2.30 a piece which would lift the parent's stake in the fund from 22 to 27 per cent, amounting to $372 million as per Friday's share price.