Elizabeth O’Leary, Macquarie Group’s agriculture head, may move Paraway Pastoral, which operates the $700 million Macquarie Pastoral Fund out of Sydney and into Orange in New South Wales.
The possible move comes after Macquarie moved Lawsons Grains, its cropping farm unit to Albury, and would shift the fund and its staff closer to its cattle and sheep stations across New South Wales, Queensland, and the Northern Territory.
Some interested parties however are wondering if the physical move is a precursor to a financial severing by the bank, as had happened when Macquarie sold a private equity fund of funds advisory business to its management unit in March 2014, which later became rebranded as ROC Partners.
The announcement of the potential move also comes directly before Macquarie Pastoral Fund investors will vote whether to keep Macquarie’s MIRA as manager of the fund, because of dissatisfaction with the fund’s performance. To read more:
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