Wizards of Oz

With the launch of a new brand to unite its broad array of quantitative strategies, Australia’s Macquarie Bank is making a push to rule the rapidly evolving hedge fund landscape in Asia.

The inner workings of Australia’s Macquarie Bank are a mystery to most outsiders, but “fee factory” is the sobriquet that suits its business model best. Over the past decade the bank has built a profitable franchise by bidding aggressively for infrastructure assets such as toll roads and airports, which it packages into mostly listed funds and manages in exchange for hedge fund–like fees of up to 1.5

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