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KYCO: Know Your Company

Reveal Profile

11 December 2025

1) Overview of the Company

Macquarie Asset Management is a leading global asset manager and the asset management division of Macquarie Group, a diversified financial services organization founded in 1969 with Australian heritage. The firm is trusted by institutions, governments, foundations, and individuals to responsibly manage approximately AUD 720 billion in assets globally as of September 2025, following the completion of the sale of its North American and European public investments business to Nomura for approximately AUD 2.8 billion in December 2025. The company operates through over 1,600 people across 23 markets worldwide, focusing on private markets capabilities including infrastructure, green investments, real estate, agriculture, credit, insurance, secondaries, and alternatives.

Macquarie Asset Management manages investments in over 190 businesses across its portfolio of infrastructure, green investments, agriculture, and real estate companies spanning 33 countries, employing more than 220,000 people. The firm operates as a registered investment advisor through several entities including Macquarie Investment Management Business Trust, Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Australia Limited, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A. In its home market of Australia, the company continues to operate a leading, integrated full-service asset management business across public and private markets servicing institutions, governments, and individual investors.

As a result of the strategic divestiture to Nomura, Macquarie Asset Management has positioned itself as a more focused, leading global private markets alternatives business serving the fast-growing institutional, insurance, and wealth markets. The transaction enables the firm to concentrate on building its position as a global leader in private markets while maintaining its comprehensive capabilities in Australia. Additionally, Macquarie and Nomura have established a strategic partnership for product distribution and co-development of investment strategies, with Nomura distributing select Macquarie funds to US wealth clients and collaboration on developing innovative investment solutions for clients in the US and Japan.

2) History

Macquarie Asset Management traces its origins to the establishment of Hill Samuel Australia Limited in December 1969, a wholly-owned subsidiary of the UK merchant bank Hill Samuel & Co. Limited. The organization was founded by Australian businessman Stan Owens and began operations in Sydney with just three employees in 1970. Hill Samuel Australia became profitable by the end of its first twelve months and secured Australia’s largest mandate at that time in 1971, a US$60 million financing for corrugated iron manufacturer John Lysaght Australia. The company expanded across Australia with offices in Melbourne in 1972 and Brisbane in 1975, while pioneering the foreign currency hedge market and extending coverage to all listed commodities.

In 1985, Hill Samuel Australia obtained an Australian banking license and was renamed Macquarie Bank Limited, marking a pivotal transformation that enabled the organization to establish an independent Australian-owned and controlled banking operation. The bank adopted the name ‘Macquarie’ after Lachlan Macquarie, an early governor of New South Wales who pioneered the financial services industry in Australia. The company’s logo was inspired by the Holey Dollar, the punched Spanish coin that Lachlan Macquarie introduced in 1814 to solve a currency shortage. Throughout the 1980s, Macquarie continued expanding its activities, becoming Australia’s leading bullion trader, initiating 24-hour foreign exchange trading, and establishing a structured finance business which would grow to become one of the largest in the world.

The 1990s marked significant international expansion as Macquarie opened offices in New York in 1994, Hong Kong and other international markets, while making strategic acquisitions including Boston Australia Limited in 1990, Security Pacific Australia in 1992, and the investment banking arm of Bankers Trust Australia in 1999. In 1994, Macquarie arranged the financing for the construction of the M2 Motorway in Sydney through the Hills Motorway Trust, one of the first single asset property vehicles listed on the Australian Securities Exchange, marking the start of Macquarie’s infrastructure investment business. The company went public in 1996 when Macquarie Bank Limited listed on the Australian Securities Exchange with a market capitalization of approximately A$1.3 billion.

A major milestone occurred in 2010 when Macquarie acquired Delaware Investments, a US-based diversified asset management firm founded in 1929, from Lincoln Financial Group for a reported $452 million. This acquisition significantly enhanced Macquarie’s product development and distribution capabilities in the funds management platform and marked the foundation of what would become the modern Macquarie Asset Management business. In 2017, Delaware Investments was rebranded as Macquarie Investment Management to better reflect the firm’s integrated global capabilities, though US retail funds continued to carry the Delaware name.

The transformation accelerated with the 2021 acquisition of Waddell & Reed Financial Inc., one of the oldest asset and wealth management companies in the United States, which paired its signature mutual fund capabilities with Macquarie’s asset management business. In September 2024, Macquarie Investment Management Business Trust agreed to pay $79.8 million to settle SEC charges for overvaluing approximately 4,900 largely illiquid collateralized mortgage obligations held in 20 advisory accounts and executing cross trades that favored certain clients over others between January 2017 and April 2021.

The most transformational recent development occurred in December 2025 when Macquarie completed the sale of its North American and European public investments business to Nomura for approximately $A2.8 billion. This strategic divestiture enabled Macquarie Asset Management to focus on building its position as a global leader in private markets, serving clients in the fast-growing institutional, insurance, and wealth channels while maintaining a leading integrated full-service asset management business across public and private markets in Australia. Following the transaction, Macquarie Asset Management’s assets under management is approximately $A720 billion, positioning the firm as a more focused global private markets alternatives business.

3) Key Executives

Ben Way has been Head of Macquarie Asset Management and a member of the Macquarie Group Executive Committee since April 2021. Since joining Macquarie in 2006, Ben has held a number of senior leadership positions across the Group, including CEO of Asia. He has more than 20 years’ experience in asset management across Australia, Asia, Europe, and the US. During this time, he led the establishment of a number of funds and has been a member of investment committees as well as a director of portfolio company boards. Prior to joining Macquarie, Ben was Chairman and CEO of Taiwan Broadband Communications and a management consultant with Bain & Company. Ben is a fellow of the 2017 class of the Finance Leaders Fellowship and a member of the Aspen Global Leadership Network. He is also a member of the Board of Directors of Mother’s Choice, a Hong Kong charity, Co-Founder of Good Financial, an ethical micro lender, and Vice-Chairman of Advance Global Australians. Ben has a Bachelor of Arts and Bachelor of Laws from Macquarie University and is based in Hong Kong and New York.

Holly Coleman has been Chief Financial Officer for Macquarie Asset Management since 2018. She leads a global team of finance professionals who are accountable for the financial management of the MAM business. During her tenure with Macquarie since 1999, Holly has served as Head of Fund Financial Management, Regional Controller for the EMEA region, and Australian Regional Lead of the MAM Finance Team. She started out supporting the Equities business within Commodities and Global Markets. Holly is a member of the MAM Executive Committee, serves as an Executive Sponsor for MAM’s Diversity, Equity, and Inclusion Committee, and sits on various boards of directors. Holly is passionate about DEI and is a mentor in the Women in Banking and Finance program in Australia. Holly holds a Bachelor of Business from the University of Technology Sydney and is a qualified Chartered Accountant Australia, having trained with PwC Sydney, and is based in Sydney.

James Dyckhoff has been Chief Operating Officer for Macquarie Asset Management since 2020. He also leads MAM’s Enterprise team, working closely with senior leadership on the firm’s strategic direction and ensuring employees are equipped with the data, technology, and skills to continue to grow the business. James serves on the MAM Executive Committee and chairs the MAM Operating Committee. During his tenure with Macquarie since 2003, James has held several senior roles in both Sydney and London, including Chief Operating Officer for MAM’s infrastructure and real assets business, Chief Financial Officer for MAM, and Chief Financial Officer for Macquarie Group in EMEA. He has a Bachelor of Arts Honours from University College London in Russian language and literature. He is a chartered accountant, having trained with PwC in London and Moscow, and is based in London.

Amy Mahony is Chief Risk Officer for Macquarie Asset Management. In this role, Amy leads the MAM Risk Team, which oversees and manages the risks that arise in MAM business activities. Amy is a member of the MAM Executive Committee and the MAM Management Committee. She has more than 20 years of experience. Prior to her current role, Amy was the Head of Compliance for Macquarie Group, where she led a team that was responsible for ensuring that all compliance risks were appropriately assessed and managed across the firm. During this time, Amy was a member of the Macquarie Group Risk Committee and the Board Governance and Compliance Committee. Prior to that, Amy was the Regional Head of Compliance for Australia and New Zealand, and she was the lead for Macquarie Capital Compliance globally from 2011 to 2016. Before joining Macquarie in 2011, Amy held senior compliance roles at Deutsche Bank in Hong Kong and Sydney. Amy has a Bachelor of Commerce with Honours in economics from the University of Sydney and is based in Sydney.

Peter Burton is General Counsel of Macquarie Asset Management, a role he assumed in 2021 and joined Macquarie in 2008. He is responsible for MAM’s Legal and Governance Team. Peter is also a member of the MAM Executive Committee and the MAM Credit Executive Committee. During his tenure with Macquarie, Peter has been responsible for the legal function of the MAM Asset Finance business. He has been a key contributor to all strategic transactions undertaken by that business, including major aircraft portfolio acquisitions for Macquarie AirFinance, the establishment and divestment of Macquarie European Rail, and the establishment of Macquarie Rotorcraft Leasing. He has experience in public and private mergers and acquisitions, and equity capital markets transactions both in private practice and at Macquarie. Peter has private practice experience at Blake Dawson now Ashurst in Sydney and Linklaters in London. Peter has a Master of Laws from the University of Sydney and a Bachelor of Commerce Finance and Bachelor of Law from the University of New South Wales and is based in Sydney.

Peter Glaser is Head of Credit & Insurance for Macquarie Asset Management since joining Macquarie in 2022, overseeing a global team that connects client capital with a full range of investment opportunities across Liquid Credit and Private Credit capabilities as well as provides reinsurance and other strategic insurance solutions. He is also Chair of the MAM Credit Executive Committee, Chief Investment Officer of Private Credit, and a member of the MAM Executive Committee. Before joining Macquarie, Peter was Head of European Direct Lending for Alcentra, Portfolio Manager of its related funds, and Chair of the Investment Committee. He was also Vice Chair of Alcentra’s Executive Management Committee. Peter has more than 35 years of diverse financial services experience across North America and Europe, including as a partner at KKR and senior positions at Barclays and Goldman Sachs. He is Chair Emeritus and a board member of the Midori Foundation doing business as Midori & Friends and a trustee of the London Music Fund, two organisations dedicated to providing high-quality music education to students in underserved communities in New York City and London, respectively. Peter holds a Bachelor of Arts in history and political science from the University of Pennsylvania and a Master of Business Administration from Harvard Business School and is based in London.

Leighton Harris is Head of People and Culture for Macquarie Asset Management since joining Macquarie in 2008, responsible for the overall strategy for MAM seeking to attract, recruit, reward, and retain the best talent. He is a member of Macquarie Group’s P&C Leadership Team and serves on the MAM Executive Committee. His fields of P&C expertise are in mergers and acquisitions, restructuring and change management, international labour relations, and remuneration design and implementation. Leighton joined Macquarie as Head of P&C in EMEA, before being appointed to his current role in 2014. Prior to joining Macquarie, he held senior P&C positions at Arthur Andersen, Deloitte, and Fortis Investment Management. Leighton is a Fellow of the UK Chartered Institute of Personnel and Development and holds a Master of Arts in Human Resources Management and is based in London.

Leigh Harrison is Head of Real Assets for Macquarie Asset Management, a role he assumed in April 2021 since joining Macquarie in 2002. He provides global leadership for the firm’s Real Assets business, which is one of the world’s largest infrastructure managers and a major investor in renewable energy, agriculture, and adjacent asset classes. Since joining Macquarie, he has served in several senior positions including Head of Real Assets in EMEA. In addition, he was previously a member of the Macquarie Group Foundation Committee. During his time with MAM, Leigh has successfully established new European and global infrastructure and renewables funds, overseen the acquisition and divestment of numerous portfolio companies, and acquired and developed new platforms for the MAM business. He holds a Bachelor of Commerce and Bachelor of Laws from Macquarie University, Sydney and is based in Sydney.

Eric Wurtzebach is Head of Real Estate for Macquarie Asset Management since joining Macquarie in 2008, driving the investment in and development of thriving workplaces, modern living environments, and optimized supply chains. He is a member of the MAM Executive Committee and sits on the Investment Committee for both Macquarie Real Estate Partners Asia I and Macquarie Real Estate Partners. Previously, he was Head of Americas Real Estate, where he led MAM Real Estate’s principal investment and asset management activities in the Americas, which included partnerships with Logistics Property Company, Greystar Real Estate Partners, and RHP Properties. Eric brings more than 30 years of experience in corporate advisory, principal investment, and investment management to his roles with the firm. Since 2013, Eric has advised on transactions for US multifamily across development, core, and value-add strategies for clients and principal investments. He oversaw the expansion of Macquarie’s principal investments in the Americas region, including the launch of LPC’s first two develop-to-core ventures. Eric holds a Bachelor of Science in finance from Trinity University and is based in Jacksonville.

Aaron Norris is Division Director – Head of Core Compliance for Macquarie Asset Management since April 2025. Aaron brings 20+ years experience in multiple financial services industry disciplines including 1940 Act and regulatory oversight. Aaron has experience at Fidelity Investments and was a Mutual Fund Accountant at State Street Bank from 2003-2004, where he performed daily calculation on mutual funds including Net Asset Value and Total Net Assets for NASDAQ reporting. He tracked and reconciled all trade information associated with fund groups and analyzed and prepared daily and monthly Dividend Proofs of fund SEC yields and account balances. Aaron holds a Bachelor of Business Administration in Finance from Northeastern University and is based in Boston, Massachusetts.

4) Ownership

Macquarie Asset Management operates as a wholly-owned subsidiary and the asset management division of Macquarie Group Limited, an Australian publicly-listed company that trades on the Australian Securities Exchange under the symbol MQG. Macquarie Group Limited serves as the ultimate parent company and Non-Operating Holding Company, regulated by the Australian Prudential Regulation Authority as the parent of Macquarie Bank Limited, an authorized deposit-taking institution. The company’s ownership structure reflects a traditional corporate hierarchy with Macquarie Group Limited at the apex, maintaining complete ownership and control over Macquarie Asset Management through various intermediate holding companies and subsidiaries.

A significant transformation in the ownership structure occurred in December 2019 when the Macquarie Group Limited Board approved a Non-Bank Group restructuring to separate the Macquarie Asset Management business from the remainder of the Non-Bank Group. As part of this restructuring, Macquarie Financial Holdings Pty Limited transferred its control and rights over the Macquarie Investment Management and Macquarie Infrastructure and Real Assets businesses to Macquarie Asset Management Holdings Pty Limited, a 100% owned subsidiary of Macquarie Group Limited. The transfer was substantially completed by December 2019, with the balance intended to be finalized by March 2020, providing better alignment of functional activities and a more stable rating platform for the Macquarie Group over the medium term.

The most transformational ownership development occurred in December 2025 when Macquarie Group completed the strategic divestiture of Macquarie Asset Management’s North American and European public investments business to Nomura for approximately $A2.8 billion. This transaction transferred approximately $A254 billion of assets under management, comprising equities, fixed income and multi-asset strategies, along with over 700 employees based in Philadelphia and other offices. Following this divestiture, Macquarie Asset Management retained its public investments business in Australia while focusing globally on private markets capabilities, positioning itself as a more concentrated global private markets alternatives business with approximately $A720 billion in assets under management.

Macquarie Group Limited maintains a distributed ownership structure with institutional shareholders representing approximately 34.75% of shares outstanding, mutual funds and ETFs holding 18.99%, and public companies and retail investors controlling 69.00% of shares. Major institutional shareholders include State Street Global Advisors with 4.98%, The Vanguard Group with 3.30%, and BlackRock Fund Advisors with 1.90%, while Macquarie Investment Management Global Limited holds 1.44% of the parent company’s shares. This ownership distribution provides Macquarie Asset Management with access to substantial capital resources and operational independence within a publicly-traded corporate structure, enabling continued global expansion and strategic flexibility in serving institutional, insurance, and wealth markets.

5) Financial Position

Macquarie Asset Management operates as a wholly-owned subsidiary of Macquarie Group Limited, a publicly-listed Australian company that provides important financial context for evaluating the asset management division’s financial position. Macquarie Group Limited trades on the Australian Securities Exchange under the symbol MQG and maintained a market capitalization of approximately AUD 71.28 billion as of December 2025, reflecting strong investor confidence despite recent volatility. The parent company’s stock price has experienced significant fluctuation, declining from highs of AUD 242.90 to lows of AUD 160.00 over the past 52 weeks, representing a 15.56% decrease year-over-year, which reflects broader market challenges affecting diversified financial services firms.

The financial health of Macquarie Asset Management is fundamentally supported by its parent company’s robust capital position and diversified revenue streams. Macquarie Group Limited reported a net profit of AUD 3.715 billion for the financial year ended March 31, 2025, representing a 5% increase from the previous year, with international income accounting for 66% of total earnings. The group maintains a strong capital position with a capital surplus of AUD 9.5 billion above regulatory requirements and a Common Equity Tier 1 ratio of 12.8%, providing substantial financial stability for its asset management operations. Total assets under management across Macquarie Group reached AUD 941.0 billion as of March 31, 2025, broadly in line with the previous year despite market volatility.

Following the strategic divestiture of Macquarie Asset Management’s North American and European public investments business to Nomura for approximately AUD 2.8 billion in December 2025, the asset management division now manages approximately AUD 720 billion in assets globally. This transaction, which transferred approximately AUD 254 billion of assets and over 700 employees, has positioned Macquarie Asset Management as a more focused global private markets alternatives business while strengthening its balance sheet through the substantial cash proceeds. The firm’s assets under management include AUD 401.6 billion in private markets and AUD 544.2 billion in public investments as of June 30, 2025, with private markets assets growing 3% quarter-over-quarter.

Macquarie Asset Management’s operational health indicators demonstrate strong performance across key metrics, with the division contributing AUD 1.610 million in net profit contribution for FY2025, representing a 33% increase from the previous year driven by higher performance fees and successful asset realizations. The business maintains over 1,600 employees operating across 23 markets globally and manages investments in over 190 portfolio companies across 33 countries, employing more than 220,000 people collectively. Macquarie Group’s strong credit ratings from major agencies, including an ‘A’ rating from Fitch Ratings and ‘A1’ rating from Moody’s, provide additional financial stability and access to capital markets at favorable terms. The parent company’s 56-year record of unbroken profitability, combined with its conservative approach to capital management and risk management framework, provides a solid foundation for the asset management division’s continued operations and growth initiatives in the private markets space.

6) Market Position

Macquarie Asset Management operates as the world’s largest infrastructure investment manager, a position it has maintained since the inception of industry rankings according to IPE Real Assets, with €355.2 billion in infrastructure assets under management as of March 2025. This leadership position places the firm significantly ahead of second-ranked Brookfield Asset Management at €301.1 billion and third-ranked Global Infrastructure Partners (now part of BlackRock) at €163.2 billion. The firm’s infrastructure dominance extends across multiple subsectors, ranking in the top ten globally for digital infrastructure (€72.6 billion), renewables (€5.37 billion), social infrastructure (€7.99 billion), and debt investments (€14.8 billion).

In the broader global asset management landscape, Macquarie Asset Management manages approximately $720 billion in assets globally as of September 2025, positioning it outside the top ten largest asset managers worldwide. The industry is dominated by US-based firms including BlackRock ($11.6 trillion), Vanguard ($10.2 trillion), and UBS ($6.1 trillion), with the top ten managers controlling 41.2% of the industry’s record $128 trillion in assets under management. Despite its smaller relative size in the overall asset management rankings, Macquarie Asset Management has achieved significant market recognition, winning Fund Manager of the Year at Money Magazine’s Best of the Best Awards 2025 for the third consecutive year and receiving the Morningstar Parent Rating of Average as it navigates past regulatory challenges.

The firm’s competitive positioning has been strategically enhanced through its December 2025 divestiture of North American and European public investments business to Nomura for approximately $2.8 billion, transforming Macquarie Asset Management into a more focused global private markets alternatives business. This transaction transferred approximately $254 billion of assets under management and over 700 employees, enabling the firm to concentrate on its core strengths in infrastructure, real estate, credit, and alternative investments where it maintains stronger competitive advantages. The strategic repositioning aligns with growing institutional demand for private markets alternatives, with Macquarie Asset Management now managing over 1,600 people across 23 markets focused exclusively on private markets capabilities.

Customer concentration and key client relationships demonstrate Macquarie Asset Management’s strong institutional positioning, with the firm managing investments in over 190 businesses across 33 countries that collectively employ more than 220,000 people. The firm serves over 1,200 institutional clients globally and has established strategic partnerships to expand wealth channel distribution, including recent partnerships with iCapital to democratize access to private infrastructure investments for high-net-worth clients. This wealth channel expansion represents a significant growth opportunity, as infrastructure strategies historically available only to institutional investors are increasingly accessible to qualified individual investors through innovative distribution platforms and evergreen fund structures.

Macquarie Asset Management’s operational capabilities are supported by substantial technology investments, with parent company Macquarie Group investing $2.3 billion in technology infrastructure over the past year to modernize platforms, enhance cybersecurity, and improve client services. The firm’s digital infrastructure expertise spans over 20 years of investing across the digital ecosystem, including recent major transactions such as the $40 billion sale of Aligned Data Centers and strategic investments in Applied Digital totaling over $17 billion to support AI and high-performance computing growth. The company’s technology focus includes artificial intelligence, big data analytics, cloud migration, and digital banking innovations, with estimated annual ICT spending of $212 million to support ongoing digital transformation initiatives.

Brand recognition and industry positioning are evidenced through numerous awards and rankings, including Infrastructure Investor’s recognition as the No. 1 infrastructure investment manager globally and Digital Infrastructure Investor of the Year in Asia-Pacific. The firm has maintained its leadership position in Australian asset management while building significant global scale, with international income representing 66% of parent company revenues. Macquarie Asset Management’s distribution channels have been strengthened through recent strategic hires including industry veterans from Invesco, PGIM Investments, and Nuveen to expand wealth market capabilities and enhance global distribution networks. The firm’s patent portfolio includes 228 patents globally with 152 granted patents, reflecting ongoing innovation efforts particularly in digital infrastructure and financial technology solutions.

7) Legal Claims and Actions

Macquarie Asset Management and its subsidiaries have faced significant regulatory enforcement actions and legal proceedings over the past decade, with the most material actions involving Securities and Exchange Commission charges and Australian regulatory violations.

In September 2024, Macquarie Investment Management Business Trust agreed to pay $79.8 million to settle SEC charges for overvaluing approximately 4,900 largely illiquid collateralized mortgage obligations held in 20 advisory accounts and executing cross trades that favored certain clients over others between January 2017 and April 2021. The SEC found that the firm overvalued CMOs in accounts including 11 retail funds, executed hundreds of cross trades between advisory clients that favored certain clients, overstated performance of client accounts holding the overvalued CMOs, and attempted to minimize losses to redeeming investors by arranging cross trades with affiliated accounts rather than selling overvalued products into the market. The settlement included a $70 million civil penalty, disgorgement of $7.6 million, prejudgment interest of $2.2 million, and requirements for a compliance consultant for two years to review valuation, cross trading, and advisory conflicts of interest policies.

In September 2025, Macquarie Investment Management Ltd faced enforcement action from the Australian Securities and Investments Commission for contraventions of the Corporations Act related to the Shield Master Fund between 2022 and 2023. ASIC commenced Federal Court proceedings following admissions that the firm did not act efficiently, honestly and fairly by failing to place Shield on a watch list for heightened monitoring despite overseeing approximately $321 million in superannuation investments by around 3,000 members. ASIC accepted a court-enforceable undertaking from the firm requiring Macquarie to pay members 100% of the amounts they invested in Shield less any amounts withdrawn, with payments totaling the full net capital invested completed by September 2025.

In June 2025, Brian Daley filed an employment discrimination lawsuit against Macquarie Investment Management Advisers alleging job discrimination based on age in the Pennsylvania Eastern District Court. The parties agreed to stay proceedings pending arbitration and are required to submit status reports to the court every ninety days, indicating ongoing dispute resolution efforts.

Earlier regulatory actions involving Waddell & Reed, acquired by Macquarie in 2021, include a September 2022 SEC enforcement action resulting in $775,589 in penalties for failing to conduct adequate follow-up after client accounts were flagged for potential “reverse churning” in wrap fee programs. In March 2022, Massachusetts securities regulators fined Waddell & Reed $225,000 for having twenty-eight investment adviser representatives operating in the state without proper registration between 2019 and 2021.

The firm’s regulatory history includes multiple significant enforcement actions against Waddell & Reed prior to acquisition, including a July 2006 SEC settlement requiring $52 million in payments related to market timing violations that harmed mutual fund investors from 1995 through 2003. Additional Waddell & Reed enforcement included NASD fines totaling $16 million for variable annuity exchange violations affecting over 5,000 customers and a 2019 class action settlement of $4.875 million for alleged ERISA violations related to the company’s 401(k) plan investment options.

In August 2024, Macquarie Investment Management Ltd appeared in Australian Federal Court proceedings where ASIC sought appointment of receivers for Keystone Asset Management Ltd, with Macquarie supporting ASIC’s application due to concerns about substantial investor fund misapplication and conflicts of interest involving the Shield Master Fund. The UK Financial Conduct Authority has also issued warnings about clone firms using Macquarie Investment Management Europe Limited’s details to deceive individuals, though this involves unauthorized third parties rather than direct regulatory action against the firm.

8) Recent Media Coverage

Macquarie Asset Management and its parent, Macquarie Group, have been the subject of significant adverse media coverage from 2023 to 2025, centered on a cascade of regulatory enforcement actions across multiple jurisdictions, ESG controversies, and leadership changes. In September 2024, Macquarie Investment Management Business Trust (MIMBT), a US subsidiary, agreed to pay a nearly $80 million settlement to the U.S. Securities and Exchange Commission (SEC). The charges related to the period between January 2017 and April 2021, involved overvaluing approximately 4,900 illiquid collateralized mortgage obligations (CMOs) and executing unlawful cross-trades that favored certain clients by transferring overvalued assets to its retail mutual funds. Macquarie stated the issue was a “legacy matter” and that it was focused on completing remedial steps.

Regulatory scrutiny has been intense in Australia, with the Australian Securities and Investments Commission (ASIC) initiating at least four actions against Macquarie entities in just over a year. In May 2025, ASIC sued Macquarie Securities Australia Limited (MSAL) for misleading the market by misreporting millions of short sales over 14 years, from 2009 to 2024, with estimates of misreported sales ranging from 298 million to 1.5 billion. This followed ASIC imposing additional license conditions on Macquarie Bank in May 2025 for “multiple and significant” compliance failures, some lasting over a decade, related to its futures dealing and derivatives reporting. In September 2025, Macquarie’s investment management unit committed to repaying A$321 million ($211 million) to approximately 3,000 retirement savers who invested in the collapsed Shield Master Fund through Macquarie’s platform, after admitting it failed to properly monitor the fund. Preceding this, in September 2024, Macquarie Bank was fined a record A$4.995 million by the Markets Disciplinary Panel for failing to prevent suspicious orders in the electricity futures market.

In Europe, Macquarie’s control framework has also drawn penalties. The UK’s Financial Conduct Authority (FCA) fined Macquarie Bank’s London branch £13 million in November 2024 for “serious control failures” that permitted a junior trader to conceal US$57.8 million in losses through over 400 fictitious trades between June 2020 and February 2022. The firm also remains under investigation in Germany for its role in the “cum-ex” dividend tax scandal. Leaked documents from 2021 revealed internal warnings about reputational risks, and media reports from January 2020 and December 2025 confirmed that as many as 100 current and former employees, including CEO Shemara Wikramanayake and former CEO Nicholas Moore, have been named as suspects in the probe, with the first former banker charged in December 2025.

The firm’s strategic direction has simultaneously undergone a major shift. In December 2025, Macquarie completed the sale of its North American and European public investments business to Nomura for approximately A$2.8 billion (US$1.8 billion), part of a strategic pivot to focus on its global private markets business. This followed a period of financial pressure, with Macquarie Group reporting a 32% drop in net profit for the year ended March 31, 2024, partly due to a 48% profit slump in the asset management division from reduced asset sales in green investments. In November 2025 a first-half earnings miss was largely attributed to A$684 million in asset write-downs, including in its Cero solar and Corio wind energy businesses. On the positive side, the firm has seen successful capital raising, closing over $US8 billion for its Macquarie Infrastructure Partners VI fund in June 2025 and over $3 billion for its Green Energy Transition Solutions fund in September 2025.

Macquarie’s climate and ESG practices have generated significant controversy and shareholder dissent. A June 2023 report from the Institute of Energy Economics and Financial Analysis (IEEFA) accused the firm of “greenwashing,” alleging it used a loophole to understate its fossil fuel exposure and had financed nearly A$5 billion in oil and gas expansion, contradicting its net-zero commitments. At its July 2025 AGM, the company faced a shareholder revolt, with 35% of votes supporting a climate resolution calling for alignment of its fossil fuel financing with its climate goals—the largest such vote against a major Australian bank. Scrutiny has focused on its financing of the Beetaloo Basin gas fracking project and its ownership of the UK’s Farnborough Airport, which campaigners have criticized for pollution from private jets. In June 2022, openDemocracy reported that 42 community groups urged the UK LGBT Awards to drop Macquarie as a sponsor, accusing it of “blatant pinkwashing” for profiting from the climate crisis.

A series of leadership changes and workplace issues have also attracted media attention. In July 2025, CFO Alex Harvey announced his abrupt retirement, a move that came amid the heightened regulatory scrutiny. This coincided with the company’s July 2025 AGM, where it received its first-ever “strike” from shareholders against its executive remuneration report. In May 2025, it was reported that Macquarie had sacked 288 staff over the previous eight years for inappropriate behavior, a disclosure from its annual report. These events occurred against a backdrop of historical lawsuits alleging a “toxic alpha-male culture,” including a 2018 suit from a senior US executive and a 2019 suit from a saleswoman who alleged she was fired after reporting an attempted sexual assault at a company retreat. In October 2025, the firm drew anger from fund managers for its decision to remove 242 funds from its superannuation platform, a move viewed as a risk-reduction measure following the collapse of the Shield Master Fund.

9) Strengths

Global Infrastructure Market Leadership

Macquarie Asset Management has established itself as the world’s largest infrastructure investment manager according to IPE Real Assets’ annual rankings, maintaining this leadership position since the inception of industry rankings with €355.2 billion in infrastructure assets under management as of March 2025. The firm’s infrastructure dominance extends across multiple subsectors, ranking in the top ten globally for digital infrastructure (€72.6 billion), renewables (€5.37 billion), social infrastructure (€7.99 billion), and debt investments (€14.8 billion). This market-leading position is supported by over 30 years of infrastructure investment experience and a global track record spanning more than 22 years in the Americas region, including over 55 portfolio company investments and 26 realizations.

Comprehensive Risk Management Framework

Macquarie Asset Management operates under Macquarie Group’s sophisticated three lines of defense risk management framework, which assigns clear risk ownership responsibilities functionally independent from oversight and assurance. The framework includes a strong, independent Risk Management Group that provides objective review and challenge, oversight, monitoring and reporting for all material risks, with requirements for independent sign-off on all material risk acceptance decisions. The risk management approach is based on examining worst-case outcomes through stress testing and sophisticated quantitative processes, supported by experienced professionals who conduct informed consideration of both quantitative and qualitative inputs. This robust framework has enabled Macquarie Group to maintain 56 years of unbroken profitability and navigate various market cycles successfully.

Substantial Technology Investment and Digital Infrastructure Expertise

Macquarie Asset Management benefits from parent company Macquarie Group’s substantial technology investments, including $2.3 billion in technology infrastructure over the past year to modernize platforms, enhance cybersecurity, and improve client services. The firm’s digital infrastructure expertise spans over 20 years of investing across the digital ecosystem, including recent major transactions such as significant investments in Applied Digital and Aligned Data Centers totaling over $17 billion to support AI and high-performance computing growth. The company’s technology focus includes artificial intelligence, big data analytics, cloud migration, and digital banking innovations, positioning it to capitalize on the growing demand for digital infrastructure and AI-ready data center capacity.

Award-Winning Performance and Industry Recognition

Macquarie Asset Management has received numerous prestigious industry awards demonstrating its excellence across multiple asset classes, including winning Fund Manager of the Year at Money Magazine’s Best of the Best Awards 2025 for the third consecutive year. The firm has also been recognized as Investment Manager of the Year at the 2025 Financial Standard Investment Leadership Awards for the third consecutive year, reinforcing the consistency and depth of its investment capabilities across asset classes. Additional recognitions include Infrastructure Investor’s acknowledgment as the No. 1 infrastructure investment manager globally, Digital Infrastructure Investor of the Year in Asia-Pacific, and winning the award for Australian Equity Fund Manager and Fixed Income Provider in the SMSF Awards.

Strategic Capital Raising Success and Client Relationships

Macquarie Asset Management has demonstrated strong capital raising capabilities, successfully closing over $8 billion for its Macquarie Infrastructure Partners VI fund in June 2025 and over $3 billion for its Green Energy Transition Solutions fund in September 2025. The firm serves over 1,200 institutional clients globally and works with 18 out of the 20 largest superannuation funds in Australia, demonstrating deep institutional relationships and client confidence. The company’s ability to attract commitments from a diversified global investor base spanning pension funds, family offices, insurance companies, and sovereign wealth funds across EMEA, APAC, and the Americas reflects its strong reputation and relationship management capabilities.

Diversified Global Platform with Specialized Expertise

Macquarie Asset Management operates through over 1,600 people across 23 markets worldwide, managing investments in over 190 businesses across 33 countries that collectively employ more than 220,000 people. The firm’s comprehensive global platform combines public and private markets capabilities, offering specialized expertise across infrastructure, green investments, real estate, agriculture, credit, insurance, secondaries, and alternatives. This diversified approach enables the firm to leverage cross-sector insights and operational best practices while providing clients with access to a broad range of investment opportunities across different geographies and asset classes, supported by local expertise and global scale.

Experienced Leadership Team with Deep Industry Expertise

The firm’s executive committee comprises seasoned professionals with extensive industry experience, including Head Ben Way who has over 20 years of experience in asset management across Australia, Asia, Europe, and the US since joining Macquarie in 2006. Chief Financial Officer Holly Coleman brings 25 years of tenure with Macquarie since 1999, providing financial management stability and institutional knowledge. The leadership team’s collective expertise spans multiple market cycles and includes professionals with backgrounds from leading global financial institutions, providing strategic depth and operational continuity across the organization’s diverse business lines and global operations.

Strong Capital Position and Financial Stability

Macquarie Asset Management benefits from the robust financial foundation of its parent company Macquarie Group Limited, which maintains a capital surplus of $9.5 billion above regulatory requirements and a Common Equity Tier 1 ratio of 12.8% as of March 2025. The parent company reported net profit of $3.715 billion for FY2025, representing a 5% increase from the previous year, with international income accounting for 66% of total earnings. This strong capital position provides Macquarie Asset Management with substantial financial stability and access to capital markets at favorable terms, supported by strong credit ratings from major agencies including an ‘A’ rating from Fitch Ratings and ‘A1’ rating from Moody’s.

Strategic Focus on High-Growth Private Markets

Following the December 2025 strategic divestiture of its North American and European public investments business to Nomura for approximately $2.8 billion, Macquarie Asset Management has positioned itself as a more focused global private markets alternatives business managing approximately $720 billion in assets. This strategic transformation enables the firm to concentrate on high-growth areas including infrastructure, real estate, credit, and alternative investments where it maintains stronger competitive advantages and can capitalize on growing institutional demand for private markets alternatives. The transaction proceeds have strengthened the firm’s balance sheet while allowing it to focus resources on areas where it has established market leadership and differentiated capabilities.

10) Potential Risk Areas for Further Diligence

Regulatory Compliance and Enforcement Risk

Macquarie Asset Management faces substantial regulatory compliance risk given the cascade of enforcement actions across multiple jurisdictions over the past three years. The September 2024 SEC settlement requiring $79.8 million in penalties for overvaluing approximately 4,900 collateralized mortgage obligations and executing unlawful cross trades demonstrates significant deficiencies in valuation controls and conflicts of interest management between January 2017 and April 2021. In Australia, ASIC has initiated four separate enforcement actions against Macquarie entities within fourteen months, including allegations that Macquarie Securities misreported between 298 million and 1.5 billion short sales over fourteen years, indicating systemic failures in regulatory reporting systems and technological governance. The Australian regulator imposed additional license conditions on Macquarie Bank in May 2025 for “multiple and significant” compliance failures lasting over a decade, requiring comprehensive remediation plans and independent expert oversight. This pattern of recurring violations across jurisdictions suggests weaknesses in compliance monitoring and remediation capabilities that could result in additional penalties and operational restrictions.

Operational Infrastructure and Technology Risk

The firm’s technology systems and operational controls have demonstrated significant vulnerabilities that pose ongoing risks to business operations and regulatory compliance. The systematic misreporting of up to 1.5 billion short sales over fourteen years was attributed to multiple systems-related issues that remained undetected for over a decade, indicating serious deficiencies in operational controls and technological governance. The UK Financial Conduct Authority’s £13 million fine in November 2024 for control failures that allowed a trader to conceal over 400 fictitious trades through system manipulation highlights inadequate monitoring and surveillance capabilities. ASIC’s findings of poor change management practices, unclear roles and responsibilities, and incomplete understanding of internal processes suggest broader operational infrastructure weaknesses that could impact business continuity and regulatory compliance. Given the firm’s global operations across 23 markets and reliance on complex technology systems for investment management and reporting, these operational vulnerabilities represent material risks requiring substantial investment in systems upgrades and process improvements.

Investment Strategy and Valuation Risk

Macquarie Asset Management’s investment approach carries inherent risks related to asset valuation accuracy and investment performance, particularly in private markets and illiquid securities. The SEC enforcement action revealed fundamental deficiencies in valuation methodologies for illiquid collateralized mortgage obligations, where the firm had “no reasonable basis to believe it could sell the odd lot CMOs at the pricing vendor’s valuations” used for institutional lots. The firm has experienced significant asset write-downs, including $684 million in managed assets and co-investments in November 2025, primarily affecting its Cero solar and Corio wind energy businesses, which were subsequently moved from Macquarie Asset Management to Macquarie Corporate for potential divestment. Given the firm’s substantial exposure to infrastructure and renewable energy investments, which represented $401.6 billion in private markets assets as of June 2025, concentration risk in specific sectors or technologies could result in material losses during market downturns or regulatory changes affecting green energy sectors.

Reputational and Cultural Risk

The firm faces substantial reputational risk from ongoing legal proceedings, regulatory scrutiny, and public controversies that could impact client relationships and business development. Media reports have highlighted workplace culture issues, including disclosure that Macquarie sacked 288 staff over eight years for inappropriate behavior, and historical lawsuits alleging a “toxic alpha-male culture” involving sexual assault allegations at company retreats. ESG controversies have damaged the firm’s reputation, with accusations of “greenwashing” from the Institute of Energy Economics and Financial Analysis regarding understated fossil fuel exposure, and a 35% shareholder vote supporting a climate resolution at the July 2025 AGM representing the largest such vote against a major Australian bank. The ongoing German “cum-ex” tax scandal investigation involving over 100 current and former employees, including CEO Shemara Wikramanayake, as suspects creates potential reputational and legal exposure that could affect business operations in European markets. These reputational challenges could impact client acquisition and retention, particularly among ESG-focused institutional investors.

Key Person Dependency and Leadership Stability Risk

The firm’s dependence on key executives and recent leadership changes create succession planning and business continuity risks. The unexpected retirement of CFO Alex Harvey in July 2025 after 28 years with the organization, coinciding with heightened regulatory scrutiny and shareholder dissent over executive compensation, highlights potential leadership instability during a critical period. Head of Macquarie Asset Management Ben Way’s central role in strategic direction and global operations, combined with the firm’s specialized expertise requirements across infrastructure, real estate, and alternative investments, creates concentration risk around key personnel. The departure of high-profile executives from Macquarie Capital, described as the “flagship” division, raises questions about talent retention across the broader organization during challenging market conditions. Given the relationship-driven nature of asset management and the specialized knowledge required for complex investment strategies, loss of additional senior personnel could disrupt client relationships and investment performance.

Complex Organizational Structure and Conflicts of Interest Risk

Macquarie Asset Management’s complex organizational structure within Macquarie Group creates potential conflicts of interest and regulatory challenges across multiple jurisdictions. The firm operates through numerous registered investment advisor entities including Macquarie Investment Management Business Trust, Macquarie Investment Management Global Limited, and various European subsidiaries, each subject to different regulatory requirements and oversight mechanisms. The comprehensive conflicts of interest policy acknowledges various conflict types including transactional, commercial, and organizational conflicts that may arise between the firm’s interests and clients, or between different client groups. The recent sale of North American and European public investments business to Nomura for $2.8 billion, while strategically beneficial, demonstrates the complexity of managing global operations and the potential for regulatory or business pressures to force structural changes. The firm’s diverse service provider relationships and multiple role capabilities as trustee, administrator, custodian, and investment manager create ongoing potential for conflicts that require constant monitoring and management.

General Industry Considerations

Macquarie Asset Management operates in the highly competitive global asset management industry, which faces ongoing challenges from fee compression, increasing regulatory requirements, and evolving client expectations for ESG integration and digital services. The industry’s cyclical nature exposes the firm to market volatility that can significantly impact assets under management and performance fee generation, as demonstrated by the 32% profit decline in fiscal 2024 due to reduced asset sales and market conditions. Rising interest rates and economic uncertainty could pressure asset valuations and client redemptions, particularly affecting private markets investments that rely on leverage and long-term hold periods.

The regulatory environment for asset managers continues to evolve globally, with increasing focus on ESG disclosure requirements, cybersecurity standards, and operational resilience that could require substantial compliance investments and operational changes. Competition from larger global asset managers with greater resources and scale, combined with the emergence of passive investment strategies and fintech solutions, creates ongoing pressure on traditional active management approaches and fee structures that could impact the firm’s long-term competitive positioning and profitability.

Sources

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