Macquarie Hires UBS Asset Management Team for Emerging Markets

  • Team will be led by Joseph Devine, based in San Diego
  • Group to work at Delaware Investments unit, report to Lytle

Macquarie Group Ltd. hired a former UBS Group AG asset-management team to focus on emerging-markets equities at the bank’s Delaware Investments unit in the U.S.

The group is led by Joseph Devine, who will report to President Shawn Lytle and be based in San Diego, according to a statement Tuesday from Delaware. The team includes senior portfolio manager Stephan Maikkula along with Barry Kendall, Thomas Pak and James Brandt and Jay Su Erickson, according to the statement.

“This team is a strong fit with our multi-boutique platform and plays an important role in meeting the needs of clients seeking more global exposure and active management in inefficient markets,” Lytle said in the statement. “We are proud to add this distinguished team and its long-term track records to the firm.”

Macquarie, Australia’s largest investment bank, has been seeking to bolster money-management operations. The company last month hired Dominic Janssens for the newly created role of global chief operations officer of the investment-management unit. He was assigned to Philadelphia, where the Delaware unit is based.

Most of Devine’s group has been together for more than a decade, according to the statement. They bring about $300 million in assets under management to Delaware and focus on international small-cap stocks and emerging markets.

UBS’s Commitment

UBS said it will still offer “compelling” emerging-markets and small-cap equity capabilities.

“Following a careful review of the existing assets and potential future growth, we determined that the Global ex-U.S. Growth Equities team would leave the firm,” Gregg Rosenberg, a spokesman for the Zurich-based bank in the Americas, said in an e-mailed statement. “We are committed to delivering superior, sustainable investment outcomes for our clients.”

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