Macquarie Asset Management, the asset management division of Macquarie Group (ASX: MQG), has agreed to acquire New York-based Central Park Group, an independent investment advisory firm delivering private client access to institutional hedge fund, private equity, real estate and funds-of-funds.

“We have long admired Central Park Group’s track record of innovation and success in delivering alternative solutions to individual investors,” said Ben Way, head of Macquarie Asset Management. “Given our alternatives expertise and our significant presence in the intermediary channel, the combination of Macquarie and Central Park Group uniquely positions us to address the needs of individual investors by providing increased access to alternative investments along with an enhanced client experience.”

“The asset management industry is rapidly evolving, and individual investor demand for alternative strategies is playing a central role in this dramatic shift,” added Graeme Conway, chief commercial officer at Macquarie Asset Management. “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.”

“Joining forces with Macquarie is the natural next step in Central Park Group’s evolution,” said Gregory Brousseau, co-chief executive officer and co-chief investment ifficer of Central Park Group. “We will continue to offer best-in-class alternative investments and clients will benefit from the added resources, depth and scale of a major global financial institution.”

“Macquarie is committed to democratizing alternative investments,” said Mitchell Tanzman, Co-Chief Executive Officer and Co-Chief Investment Officer of Central Park Group. “As part of Macquarie, we will be able to further our mission of eliminating many of the structural impediments to private client investment in best-in-class alternatives, on a substantially larger scale. With a shared vision and similar entrepreneurial spirit, we believe that Macquarie is a great fit for Central Park Group.”