Macquarie acquires Lincoln’s asset management unit for $428 million

Australian investment banker Macquarie Group has agreed to buy the asset management unit of the US-based Lincoln Financial Group's (Lincoln) Delaware Management Holdings Inc (Delaware), for approximately $428 million, aiming to expand its global asset management operations.

On completion of the deal, the combined assets under management of Macquarie and Delaware are expected to reach around $300 billion.

Global head of Macquarie Funds Group (MFG), Shemara Wikramanayake said in a statement yesterday: ''Delaware will form a key element of Macquarie Funds Group's offering to our clients globally and will significantly enhance our existing North American asset management activities."

Philadelphia-based Delaware is a well-respected, diversified asset management firm which provides investment services to retail and institutional investors through a broad range of investment products. The fund house has offices in San Francisco and Boston and employs approximately 580 people, managing $125 billion assets. 

Lincoln Financial Group is the marketing name of the New York Stock Exchange (NYSE)-listed Lincoln National Corporation.

Lincoln's president and CEO, Dennis R Glass said: ''We believe the greatest opportunities for growth and differentiation for Lincoln going forward are centered on our principal insurance and retirement businesses. This transaction will allow us to focus both management and capital resources on these core businesses.''