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.