Macquarie Asset Management Buys Central Park Group, LLC
Posted on 10/22/2021
Macquarie Asset Management (MAM), the asset management division of Macquarie Group (ASX: MQG), agreed to acquire New York-based Central Park Group, LLC (CPG), an independent investment advisory firm delivering private client access to institutional hedge fund, private equity, real estate, and funds-of-funds. Macquarie is looking to expand its investor base for its alternative products to high net worth people. The transaction is expected to close in early 2022. Financial terms of the transaction were not disclosed.
Central Park Group has US$ 3.5 billion in assets under management and finds alternative investments and structures them for their high-net-worth clients and smaller institutional investors.
“The asset management industry is rapidly evolving, and individual investor demand for alternative strategies is playing a central role in this dramatic shift. Macquarie’s objective with the acquisition of Central Park Group is to empower clients and their financial advisors to invest for long-term success through access to institutional-quality alternative investment opportunities in thoughtful structures,” added Graeme Conway, Chief Commercial Officer at Macquarie Asset Management in a press release.
Former UBS Alternative Investment Group Executives Created Central Park Group
Gregory (Greg) Brousseau and Mitchell Tanzman founded Central Park Group in 2006 to serve the growing demand for alternative investments from high net worth and smaller institutional investors. The Firm sources private equity, hedge fund, real estate and fund-of-funds managers and develops offerings that are appropriate for a broad range of qualified investors. They founded the UBS alternative investment platform for private clients in the U.S., which at one time as US$ 8 billion. The group sourced, created and distributed over 25 private equity funds, hedge funds and funds-of-funds. Before UBS, the duo established one of the earliest and most extensive alternative investment platforms in the U.S. at Oppenheimer & Co. Alternative Investments.