Macquarie Group is expanding in the US and will buy a wealth manager for $2.3 billion and partner with another.
Macquarie on Thursday bought all the shares in Waddell & Reed Financial, which is listed on the New York Stock Exchange.
The US firm manages $US131 billion ($176.8 billion) in assets for individuals and businesses.
It has an asset management arm, and a network of advisers who provide personal financial advice.
The asset management division of Macquarie will have $650 billion in assets once the sale is completed next year.
The sale will benefit shareholders by diversifying revenue, Macquarie said.
The group will sell Waddell & Reed’s financial advice arm to retail investment advisor LPL Financial Holdings for $US300 million ($404.9 million).
Macquarie will become one of LPL’s asset management partners.
Shares in Macquarie were higher by 0.17 per cent to $138.58 at 1549 AEDT.