| SYDNEY, March 18
SYDNEY, March 18 Macquarie Group Ltd,
Australia's top investment bank, has agreed to sell its private
equity funds management division to the unit's three managers, a
source with direct knowledge of the deal told Reuters on
The company agreed to sell Macquarie Investment Management
Private Markets, which has funds of around A$5 billion ($4.55
billion) largely invested in and around Australia, to managers
Michael Lukin, Andrew Savage and Shaw Ng, said the source, who
was not authorised to comment publicly on the matter.
Representatives of the funds management division were not
immediately available to comment on the sale.
Large investment banks like Macquarie are shifting away from
riskier exposures to focus on more reliable, annuities-style
investments. Last August, Credit Suisse Group AG sold
its Customised Fund Investment Group to Grosvenor Capital
Macquarie agreed to offload the private equity unit, which
has about 20 staff, because it decided it could better meet the
demands of private equity investors without the constraints of a
large investment bank, the source said.
The investment bank will not disclose a sale price and does
not consider it large enough to report to the Australian Stock
Exchange, the source said.
($1 = 1.0999 Australian Dollars)
(Reporting by Byron Kaye; Editing by Stephen Coates)