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Macquarie to take over Innovest from Siemens
The Macquarie Group acquires Siemens' Innovest KAG. Innovest's activities are an important platform for Macquarie Funds Group in Central Europe and fit into the strategy of Macquarie to build a global asset management company.
Innovest serves institutional clients, particularly in Austria and Germany and manages assets of over EUR 3.5 billion, with the focus on risk budgeting and asset allocation strategies for long-term investors such as pension funds.
The entire transaction is expected to close in December 2010. Terms of the transaction were not disclosed.
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