Macquarie acquires majority stake in Rismark
By
Kevin Eddy
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21/06/2010 12:00:00 AM
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Macquarie Group has taken a 53% stake in Sydney-based real estate funds management and research group Rismark International for an undisclosed price.
The purchase, which was carried out through Macquarie subsidiary Macquarie Funds Group (MFG), will see Macquarie co-invest in Rismark managed funds, as well as providing Rismark with global fund raising expertise, back-office funds management infrastructure and operational support services. As a shareholder in Rismark, MFG will benefit from plans to grow Rismark’s alternative assets business.
Rismark’s managing director, Christopher Joye, welcomed the deal: "Some time ago Rismark recognised it needed to introduce a global, institutional investment partner to expand our funds management business and assist in servicing the needs of local and offshore clients. Partnering with Macquarie will assist Rismark in meeting these aims."
As part of the investment, Macquarie and Rismark have appointed Rowan Ross as Chairman of Rismark. Mr Ross is an Executive Director of Macquarie Group and Chairman of Sydney IVF Limited and the Australian Brandenburg Orchestra, and a former director of Insurance Australia Group Limited.
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