Macquarie acquires a 49 per cent shareholding in Brook

20 December 2004

Brook Asset Management Limited (Brook) and Macquarie Investment Management New Zealand Limited (Macquarie) today announced that Macquarie had acquired a 49 per cent shareholding in Brook.

This strategic partnership will provide significant benefits for both companies.

It gives Macquarie an interest in one of New Zealand's highest quality boutique investment management firms and allows Brook, and its clients, to leverage Macquarie's extensive marketing, distribution, IT, accountancy, insurance, legal, administration property services.

This partnership gives the principals of Brook the freedom to concentrate on investment management opportunities, while Macquarie provides administrative support.

Macquarie recently announced plans to establish strategic partnerships with leading boutique investment management firms in select countries globally and this partnership with Brook is the first of these deals.

Brook Chief Investment Officer Simon Botherway said he was pleased that Macquarie had come on board as a significant shareholder and he looks forward to working with them to grow Brook's investment management business.

“We are always looking at ways to improve our business and our relationship with Macquarie will help Brook in this process by providing access to top quality support in areas such as marketing distribution IT, accountancy, insurance, legal, administration and property services.

“The partnership will ensure that our large team of dedicated investment professionals remain focused on investment management,” Mr Botherway said.

“Additionally we see increasing demand for alternative investment options from New Zealanders and over time, Macquarie and Brook will investigate opportunities to develop infrastructure funds and other investment products.”

“In general terms it will be very much business as usual at Brook, with no change to our investment philosophy, process, people or independence.”

Head of Macquarie Financial Services Group in New Zealand, John Rowley, said Brook's reputation and professional investment philosophy made them the first

choice when Macquarie decided to partner with boutique investment management firms.

“By partnering with Brook we are able to free up their time by taking on the administrative responsibilities and allowing them to concentrate on what they do best – investment management,” he said.

For further information contact:

Irene O'Brien
Public Relations
Macquarie Financial Services Group
Telephone: 61 2 8232 3241
Mobile: 61 417 260 309

John Rowley
Head, Macquarie Financial Services Group NZ
Telephone: 64 9 363 1459
Mobile: 64 21 434 377

Simon Botherway
Brook Asset Management Limited
Telephone: 64 21 633 233

Paul Glass
Brook Asset Management Limited
Telephone: 64 21 671 178

About Brook:
Brook is New Zealand's largest boutique fund manager with $NZ800 million of funds under management. Brook has the largest team of dedicated equity investment professionals in the New Zealand funds management industry and has a leading investment track record that dates back to 1997.

About Macquarie:
The Macquarie Group is a diversified international provider of financial and investment banking services. In Australia, it is a full-service investment bank providing financial market trading and advisory products and services. In the Asia-Pacific region, the Macquarie Group provides a broad range of investment banking services, while in the Americas and Europe it focuses on selected business areas where its expertise provides special value to clients.

Macquarie's Financial Services Group is the primary relationship manager for the Group's 210,000 retail clients in Australia and New Zealand. Services in New Zealand include the distribution of New Zealand and Australian dollar cash management trusts and investment products to financial advisers, and through its own financial advisers, full service stockbroking, fixed interest, cash, margin lending, options, wealth management, and portfolio management services.