Press Release

Macquarie Group to acquire INNOVEST Kapitalanlage AG

Vienna, 07 October 2010

  • Established Austrian asset manager to become part of Macquarie Group,  a top 40 global asset manager
  • Complementary expertise and client focus
  • Macquarie to give its clients access to INNOVEST investment solutions, and INNOVEST to introduce Macquarie’s capabilities to central European investors
  • INNOVEST’s investment process and people will remain in place and it will continue management of Siemens pension funds

Macquarie Group (“Macquarie”) (ASX: MQG) today announced agreement with Siemens AG Austria to acquire INNOVEST Kapitalanlage AG, an Austrian asset management firm serving institutional clients in Austria and Germany.

In joining Macquarie, INNOVEST will become part of a top 40 global fund manager with AUM of €229 billion1. Its operations will form a new hub for Macquarie Funds Group in Central Europe - consistent with Macquarie’s strategy to develop a global asset management firm.

INNOVEST is an independent Austrian asset manager founded in 1998, with a focus on delivering investment solutions to institutional and wholesale clients. INNOVEST manages over €3.5 billion, with a specialised focus towards risk-budgeting and asset-allocation strategies for long-term investors such as pension funds. “Macquarie has a high regard for the INNOVEST team, and is very pleased to be welcoming it into our growing European and global business,” said Ben Bruck, global head of Macquarie Investment Management. “It has built an innovative, solution-oriented asset manager, presenting an attractive complement to Macquarie’s existing investment capabilities. Its long-term client relationships are a testament to its quality of service and performance, and underpin its stable, successful operation. We are excited about supporting INNOVEST to develop its business in Austria and Germany for the benefit of existing clients, and into new European markets. The pension funds of Siemens and its affiliates will continue to be a high priority client for the firm.”

INNOVEST and its management team will remain based in Vienna and continue to serve its existing clients. In future, INNOVEST clients will have the opportunity to invest in Macquarie’s global investment strategies. INNOVEST will become part of Macquarie Funds Group’s global network of 1700 people in 19 countries. Macquarie will also provide additional funding to support INNOVEST’s growth through investment in operations and by introducing Macquarie’s clients to INNOVEST’s investment strategies.

Chairman of INNOVEST Dr. Johann Maurer, said: “Macquarie will be a strong and supportive owner for INNOVEST, and we are very excited about the opportunities that this partnership presents. Macquarie appreciates the complement of INNOVEST’s bespoke, solution-based approach to its own global product and investment capability. Its commitment to invest in our capabilities will be welcomed by our clients and our people.”

Chairman Dr. Maurer, Board member Mr. Kontriner and the management team will continue to run INNOVEST. Alexander Köb, head of Austria for Macquarie Investment Management and Michael Walsh from Macquarie Investment Management’s strategy and acquisitions unit, will join the Vienna-based team.

Existing clients and distribution partners of Macquarie in Austria will not be affected by this transaction.

The terms of the transaction are confidential. It is expected to close in December, subject to customary closing conditions.

 

  1. Pro-form AUM at 30 June 2010, including the impact of the conversion of Macquarie Group’s Australian Cash Management Trust to a Cash Management Account and the resulting transfer of $A9.6 billion to the Macquarie Group Balance Sheet in July 2010

     

 

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