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 across its operations.
The asset management division of Macquarie will have $650 billion in assets once the sale is completed next year.
The group will sell Waddell & Reed's wealth management platform 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 1519 AEDT.
