Global, 09 December 2019
During October 2018, the Macquarie Group Limited (MGL) Board approved the Non-Bank Group restructuring for separation of the Macquarie Asset Management business from the remainder of the Non-Bank Group.
Macquarie Financial Holdings Pty Limited (MFHPL), the non-bank holding company, subsequently disclosed in its Annual Report published in July 2019, that it would transfer its control and rights over MIM (Macquarie Investment Management) and MIRA (Macquarie Infrastructure and Real Assets) businesses (together, “MAM”) to Macquarie Asset Management Holdings Pty Limited (MAMH), a 100% owned subsidiary of MGL.
The transfer of the MAM business to MAMH is expected to result in better alignment of Macquarie’s functional activities and will provide a more stable rating platform for the MGL group over the medium term.
As of 6th December 2019 the restructure agreement implementing the above was executed, and as such, the transfer of Macquarie Infrastructure and Real Assets businesses in Australia, Asia and Europe, and Macquarie Investment Management, has been substantially completed. The balance is currently intended to be completed prior to 31 March 2020.