Macquarie takes 49pc stake in Brook

Sharebroker, investment banker and financial adviser Macquarie is taking a 49 per cent stake in fund manager Brook Asset Management for an undisclosed price.

Brook describes itself as New Zealand's largest boutique fund manager, with $800 million under management.

Its owners include Simon Botherway, Paul Glass and Andrew South.

They say Brook - known as one of the sharemarket's most outspoken investors - will remain independent.

"We're not part of Macquarie - they're a significant investor in Brook," said Glass, of the deal inked on Thursday night.

Macquarie will have two of five seats on the company's board.

Botherway becomes executive chairman.

The deal will let Brook draw on Macquarie's resources - from using Macquarie office space on visits to Australia to using support services such as IT, accountancy and property services.

Macquarie said the move was the first of a planned series of strategic partnerships with boutique fund management firms around the globe.

Botherway said Macquarie and Brook would investigate opportunities to offer new investment options - such as infrastructure products, a Macquarie specialty in Australia, and high-yield products.

In a statement, the head of Macquarie Financial Services Group in New Zealand, John Rowley, said: "By partnering with Brook we are able to free up their time by taking on the administrative responsibilities and allowing them to concentrate on what they do best - investment management."