Macquarie Group intends to merge a number of its structured product businesses to form a new group.
The new group, to be titled Macquarie Funds Group (MFG) will be made up of Funds Management Group (FMG), Equity Markets Group (EMG) and Macquarie Capital Products (MCP).
MFG will also combine and re-organise a number of distribution teams globally, providing the majority of funds clients a single point of access to many of Macquarie's investment offerings.
Former Macquarie Capital Funds North America division head Shemara Wikramanayake has been hired to head up the new group.
"Combining Macquarie's three funds-management businesses establishes a global platform for the group to benefit from evolving markets, increase investment innovation, create more investment opportunities and enhance services to clients," Wikramanayake said.
The combined group will operate with around 690 staff, with funds under management (FUM) of $A70billion, and $A7 billion in funds-based structured products .
MFG will have offshore bases in the UK, Europe, North America and Asia as well as substantial businesses in Australia.
The new group will come into effect from August 1, 2008 and will form part of the Macquarie Bank.
