Asset

Big opportunities cement Macquarie Asset Management director’s move to New York

He will be based in Macquarie’s new US office at 660 Fifth Ave. – a relocation of the offices of the Avenue of the Americas Plaza which will accommodate the growing team of the company. Macquarie AM has over 900 employees in the Americas and has made a number of strategic acquisitions in recent years of US-based businesses, including equity and fixed income manager Waddell & Reed Financial Inc. and investment advisory firm Central Park Group LLC.

And while Mr Way wouldn’t rule out further acquisitions, Macquarie AM executives have plenty to occupy themselves with in terms of organic growth and developing new offerings – a task the company’s latest high-profile recruit is up to. business is charged.

Peter Glaser joined Macquarie in London as the first global head of Alcentra’s private credit and asset finance team, where he was responsible for European direct lending. Earlier this year, Alcentra’s parent company, Bank of New York Mellon, announced the sale of the $36 billion credit specialist to Franklin Templeton.

Today, Macquarie Asset Management manages $11.4 billion in private credit assets, spanning infrastructure, real estate and structured credit, and the firm also invests in movable transport assets through its business. $1.7 billion in asset financing.

Mr Glaser’s appointment “will help us energize the opportunity we see”, Mr Way said, citing analysis from data provider Preqin showing the global private debt market is set to reach $2.69 trillion. dollars in assets under management by 2026.

The broader private markets business also includes infrastructure, renewable energy, agriculture and real estate.

“We continue to see very good support for all of our different products in terms of these strategies,” Way said, with record-sized vintages for some strategies. In May, the company closed the Macquarie Asia-Pacific Infrastructure Fund 3 at over $4.2 billion, beating the $3 billion target. The second fund in the series closed in 2018 at $3.3 billion.

“We are raising larger funds faster than ever (and) deploying them incredibly quickly, allowing us to get back to the market faster than we did (before). This is a good example of the maturation and the diversification of clients around the world who have an interest in these private markets asset classes, and a good example of how the infrastructure has matured,” with the scale of opportunities growing, larger transactions and more of sectors in which to invest, he said.

Macquarie sees the infrastructure aftermarket in particular as an area of ​​growth. The company expects the secondary infrastructure market to grow to $67 billion by 2025, more than three times its current size of $19 billion.

“Just as private equity became mature enough and there was enough real scale, managers and vintages to create a secondary market about eight to 10 years ago, we now see the same kind of conditions for infrastructure secondaries,” Way said. “This creates, we believe, a new opportunity to be able to diversify our product range into an industry that we know well and that can really add value to customers.”

As such, the company grew its business. Over the past year, it has made a number of hires, including the appointment of Irina Luckey as Managing Director for Europe, Middle East and Africa, and Charles Spiller and Bing Wong as Senior Advisor and Senior Vice President, respectively, both in New York. . And the secondaries team executed more than $500 million in trades during the same period.