Macquarie retrenches infrastructure vehicles
Macquarie Group has made a broad pullback in the infrastructure fund sector that has been long associated with the Australian investment bank. Changes include offering investors a fee discount; sacking 60 of its infrastructure staff, around 10% of the total; and closing its latest European fund, Macquarie European Infrastructure Fund III, at EUR1.2 billion ($1.66 billion), or 25% of its original target.
Macquarie claimed that many of the staff redundancies are among ancillary personnel. It has also reduced the management fee on the third European fund from 1.5% to 1.25%. Macquarie infrastructure vehicles...
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