07 October 2010
VIENNA - 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 billion*. 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.
About Macquarie Funds Group
Macquarie Funds Group (MFG), the asset management arm of Macquarie Group, is a full service global fund manager founded in 1980 and offers a range of investments for both retail and institutional investors across a variety of asset classes including fixed income, cash, currencies, equities, commodities, emerging markets, listed infrastructure and listed real estate as well as private equity and hedge fund of funds. MFG employs over 1700 staff across 19 locations globally with AUM of €229 billion* as of 30 June 2010*. The Macquarie Funds Group consists of three separated units. Macquarie Investment Management is responsible for traditional Asset Management.
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts globally on behalf of institutional, corporate and retail clients and counterparties. Macquarie Group Limited is listed in Australia (ASX: MQG) and is regulated by APRA, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorised deposit taker. Macquarie’s approach to risk management is long-standing. Strong risk management practices are embedded in business unit management with central oversight of credit, market, funding, compliance and operational risk. These, together with committed, quality staff are key drivers of Macquarie’s success. Macquarie has remained well funded and profitable since it was founded 40 years ago. Founded in 1969, Macquarie employs approximately 14,600 people and operates in more than 70 office locations in 28 countries. At 30 June 2010 it had Group Capital of more than €8 billion, well in excess of its minimum regulatory requirements.
For further information, please contact:
Corporate Communications and Investor Relations Division
Macquarie Group Limited
Direct line: +44 (0)20 3037 2420