Macquarie-watchers have long known that the Australia-based institution is now more of a global infrastructure manager and less of an investment/private bank, a journey that has gathered pace over the last 10 years.
One could hardly ask for a clearer illustration of this than buying an asset and wealth manager for $1.7 billion and immediately selling the wealth management part.
Macquarie’s purchase of Waddell & Reed Financial, the New York-listed US-based manager, is primarily about its asset management business.
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