Fixed income management attracts Macquarie

Macquarie Group yesterday said it agreed to pay US$428 million to buy Delaware Investments from Lincoln Financial Group in the US, an insurance and asset management company. Delaware largely manages fixed interest investments for insurance clients.

Lincoln received financial aid from the US government in the course of last year's credit crisis. Delaware is the second operating business sold by Lincoln as it seeks a profitable business model.

The acquisition roughly trebles Macquarie's own assets under management within the group's classic investment management group.