Macquarie Group announced it would acquire Delaware Investments from Lincoln Financial Group for $428 million, subject to closing adjustments.

The combined assets under management of Delaware Investments and the Macquarie Funds Group are expected to be more than $300 billion.

Macquarie Group is an Australia-based global financial services firm. Its Macquarie Funds Group is a full service fund manager that offers a range of products including managed funds across a range of asst classes, funds-based structured products, hedge funds and fund of funds.

According to a statement from Macquarie, Delaware Investments will remain headquartered in Philadelphia and its investment team will continue to serve clients under the same investment processes.

Delaware clients will also have the opportunity to invest in new product with access to Macquarie's investment strategies including real assets, global fixed income and alternatives. Macquarie clients will also be able to leverage Delaware's investment strategies.

In the statement, Shemara Wikramanayake, Global Head of Macquarie Funds Group, said, "Macquarie has a long and successful history in asset management. Since 1980 our asset management activities have grown both organically and through the addition of specialist asset management teams. From that strong base and given current opportunities in the market, we feel now is an ideal time to expand our reach and offering as an asset manager."

She added, "We have a high regard for the Delaware team and are delighted to have them join us. Delaware will form a key element of Macquarie Funds Group's offering to our clients globally and will significantly enhance our existing North American asset management activities."

Patrick Coyne, president of Delaware Investments, and his management team will continue to run Delaware. Coyne said, "We are very excited about the opportunities this transaction presents. Like Delaware, Macquarie is firmly committed to both the institutional and retail asset management business."