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The Waddell deal is expected to close in the middle of 2021, which would place Macquarie as a top-25 actively managed mutual fund manager in the United States.
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“We see the deal as financially compelling,” said Morgan Stanley analysts in a note, adding that after Waddell excess cash and investment, Macquarie’s actual cash outlay would fall to less than $900 million. “This signals (Macquarie) is ready to deploy excess capital.”
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