M&A - DELAWARE GROUP ADVISER FUNDS
Form Type: DEF 14A
Filing Date: 2025-07-09
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000899
Filing Summary: On July 9, 2025, Delaware Group Adviser Funds filed a definitive proxy statement regarding a joint special meeting scheduled for September 10, 2025, where shareholders will vote on a proposal related to the acquisition of the Macquarie Asset Management (MAM) Business by Nomura Holding America Inc. The acquisition is proposed at approximately $1.8 billion and is subject to customary regulatory approvals. This meeting will seek shareholder approval for new investment advisory agreements, as the current agreements will terminate upon the closing of the transaction. Following the acquisition, Delaware Management Company (DMC) is expected to continue as the investment adviser, ensuring continuity in management. The new agreements, while maintaining the terms of the existing contracts, will be effective upon the transaction's closing. The funds' objectives, strategies, and underlying value of shares will remain unchanged despite the rebranding of the funds to Nomura Funds after the closing. Shareholders of record as of July 3, 2025, will have the opportunity to vote on this matter and other business at the meeting. It is emphasized that the funds will not bear any costs related to the transaction or the proxy solicitation.
Additional details:
Meeting Date: 2025-09-10
Record Date: 2025-07-03
Proposed Acquisition Amount: 1.8 billion
Current Adviser: Delaware Management Company
New Adviser: Delaware Management Company
Expected Closing Date: 2025-10-31
Form Type: PRE 14A
Filing Date: 2025-06-20
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000834
Filing Summary: The document outlines a Joint Proxy Statement regarding a special meeting of shareholders of various Macquarie Funds, scheduled for September 10, 2025. The meeting will primarily address the proposed acquisition of the equity interests in Macquarie Asset Management's public investments business by Nomura Holding America Inc. This acquisition involves the Funds' investment adviser, Delaware Management Company, and aims to facilitate a seamless transition in investment management. Shareholders are being asked to approve a new investment advisory agreement with Delaware Management Company to ensure continuity of services following the acquisition. The expected close date for the acquisition is around October 31, 2025, and upon closing, the existing investment advisory agreements will automatically terminate. The Board of Trustees unanimously recommends approval of the proposal, emphasizing that current management styles, fee rates, and investment objectives will remain unchanged. The meeting will be held virtually, with procedures outlined for shareholder participation and voting.
Additional details:
Shareholder Meeting Date: 2025-09-10
Proposed Acquisition By: Nomura Holding America Inc.
Investment Adviser: Delaware Management Company
Current Management Fee Rate: no change
Transaction Value: approximately $1.8 billion
Form Type: 497
Filing Date: 2025-06-18
Corporate Action: Acquisition
Type: Update
Accession Number: 000113743925000742
Filing Summary: On June 18, 2025, an agreement was made for Nomura Holding America Inc. to acquire Macquarie Asset Management's US and European public investments business. This acquisition will lead to the automatic termination of each Macquarie Fund's investment advisory agreement with Delaware Management Company (DMC). In anticipation of this change, the Board of Trustees for each Fund approved a new investment advisory agreement contingent on shareholder approval, which will take effect upon the transaction's closing. Proxy materials for a special meeting of shareholders will be sent out in late July 2025, to consider this advisory agreement. An interim advisory agreement has also been established, allowing DMC to provide services for up to 150 days or until the new agreement is approved. Additionally, a comprehensive list of name changes for the funds has been approved, transitioning from 'Macquarie' to 'Nomura.' Further details regarding the transaction's timeline will be communicated in a future supplement.
Additional details:
Investment Advisory Agreement: new investment advisory agreement to be considered by shareholders
Interim Agreement: allows DMC to provide services for up to 150 days
Fund Name Changes: list of funds changing from Macquarie to Nomura
Form Type: 497K
Filing Date: 2025-06-18
Corporate Action: Acquisition
Type: Update
Accession Number: 000113743925000745
Filing Summary: On June 18, 2025, a significant corporate action involves Macquarie Group Limited and Nomura Holding America Inc. entering into an agreement whereby Nomura will acquire Macquarie Asset Management's US and European public investments business. This acquisition will lead to the automatic termination of investment advisory agreements between the Delaware Management Company (DMC) and each Fund. In anticipation of this transaction, the Board of Trustees for each Fund has approved and recommended a new investment advisory agreement to shareholders, pending their approval. Proxy materials for a special meeting to consider this approval are set to be mailed in late July 2025. An interim investment advisory agreement has also been approved to allow DMC to advise the Funds temporarily until shareholder approval is secured. Along with the advisory changes, numerous name changes for the Funds have been announced to reflect the transition from Macquarie to Nomura in their titles.
Additional details:
Investment Advisory Agreement Status: pending shareholder approval
Proxy Materials Mail Date: late July 2025
Interim Agreement Duration: up to 150 days from effective date
Fund Name Changes: [{"current_name":"Macquarie Asset Strategy Fund","new_name":"Nomura Asset Strategy Fund"},{"current_name":"Macquarie Balanced Fund","new_name":"Nomura Balanced Fund"},{"current_name":"Macquarie Climate Solutions Fund","new_name":"Nomura Climate Solutions Fund"},{"current_name":"Macquarie Core Equity Fund","new_name":"Nomura Core Equity Fund"},{"current_name":"Macquarie Corporate Bond Fund","new_name":"Nomura Corporate Bond Fund"},{"current_name":"Macquarie Diversified Income Fund","new_name":"Nomura Diversified Income Fund"},{"current_name":"Macquarie Emerging Markets Debt Corporate Fund","new_name":"Nomura Emerging Markets Debt Corporate Fund"},{"current_name":"Macquarie Emerging Markets Fund","new_name":"Nomura Emerging Markets Fund"},{"current_name":"Macquarie Extended Duration Bond Fund","new_name":"Nomura Extended Duration Bond Fund"},{"current_name":"Macquarie Floating Rate Fund","new_name":"Nomura Floating Rate Fund"},{"current_name":"Macquarie Global Allocation Fund","new_name":"Nomura Global Allocation Fund"},{"current_name":"Macquarie Global Bond Fund","new_name":"Nomura Global Bond Fund"},{"current_name":"Macquarie Global Growth Fund","new_name":"Nomura Global Growth Fund"},{"current_name":"Macquarie Global Listed Real Assets Fund","new_name":"Nomura Global Listed Real Assets Fund"},{"current_name":"Macquarie Growth and Income Fund","new_name":"Nomura Growth and Income Fund"},{"current_name":"Macquarie Healthcare Fund","new_name":"Nomura Healthcare Fund"},{"current_name":"Macquarie High Income Fund","new_name":"Nomura High Income Fund"},{"current_name":"Macquarie International Core Equity Fund","new_name":"Nomura International Core Equity Fund"},{"current_name":"Macquarie Large Cap Growth Fund","new_name":"Nomura Large Cap Growth Fund"},{"current_name":"Macquarie Limited-Term Diversified Income Fund","new_name":"Nomura Limited-Term Diversified Income Fund"},{"current_name":"Macquarie Mid Cap Growth Fund","new_name":"Nomura Mid Cap Growth Fund"},{"current_name":"Macquarie Mid Cap Income Opportunities Fund","new_name":"Nomura Mid Cap Income Opportunities Fund"},{"current_name":"Macquarie Minnesota High-Yield Municipal Bond Fund","new_name":"Nomura Minnesota High-Yield Municipal Bond Fund"},{"current_name":"Macquarie National High-Yield Municipal Bond Fund","new_name":"Nomura National High-Yield Municipal Bond Fund"},{"current_name":"Macquarie Natural Resources Fund","new_name":"Nomura Natural Resources Fund"},{"current_name":"Macquarie Opportunity Fund","new_name":"Nomura Opportunity Fund"},{"current_name":"Macquarie Real Estate Securities Fund","new_name":"Nomura Real Estate Securities Fund"},{"current_name":"Macquarie Science and Technology Fund","new_name":"Nomura Science and Technology Fund"},{"current_name":"Macquarie Small Cap Core Fund","new_name":"Nomura Small Cap Core Fund"},{"current_name":"Macquarie Small Cap Growth Fund","new_name":"Nomura Small Cap Growth Fund"},{"current_name":"Macquarie Small Cap Value Fund","new_name":"Nomura Small Cap Value Fund"},{"current_name":"Macquarie Smid Cap Core Fund","new_name":"Nomura Smid Cap Core Fund"},{"current_name":"Macquarie Strategic Income Fund","new_name":"Nomura Strategic Income Fund"},{"current_name":"Macquarie Systematic Emerging Markets Equity Fund","new_name":"Nomura Systematic Emerging Markets Equity Fund"},{"current_name":"Macquarie Tax-Free California Fund","new_name":"Nomura Tax-Free California Fund"},{"current_name":"Macquarie Tax-Free Colorado Fund","new_name":"Nomura Tax-Free Colorado Fund"},{"current_name":"Macquarie Tax-Free Idaho Fund","new_name":"Nomura Tax-Free Idaho Fund"},{"current_name":"Macquarie Tax-Free Minnesota Fund","new_name":"Nomura Tax-Free Minnesota Fund"},{"current_name":"Macquarie Tax-Free New York Fund","new_name":"Nomura Tax-Free New York Fund"},{"current_name":"Macquarie Tax-Free Oregon Fund","new_name":"Nomura Tax-Free Oregon Fund"},{"current_name":"Macquarie Tax-Free Pennsylvania Fund","new_name":"Nomura Tax-Free Pennsylvania Fund"},{"current_name":"Macquarie Tax-Free USA Fund","new_name":"Nomura Tax-Free USA Fund"},{"current_name":"Macquarie Tax-Free USA Intermediate Fund","new_name":"Nomura Tax-Free USA Intermediate Fund"},{"current_name":"Macquarie Ultrashort Fund","new_name":"Nomura Ultrashort Fund"},{"current_name":"Macquarie Value Fund","new_name":"Nomura Value Fund"},{"current_name":"Macquarie Wealth Builder Fund","new_name":"Nomura Wealth Builder Fund"},{"current_name":"Macquarie VIP Asset Strategy Series","new_name":"Nomura VIP Asset Strategy Series"},{"current_name":"Macquarie VIP Balanced Series","new_name":"Nomura VIP Balanced Series"},{"current_name":"Macquarie VIP Core Equity Series","new_name":"Nomura VIP Core Equity Series"},{"current_name":"Macquarie VIP Corporate Bond Series","new_name":"Nomura VIP Corporate Bond Series"},{"current_name":"Macquarie VIP Emerging Markets Series","new_name":"Nomura VIP Emerging Markets Series"},{"current_name":"Macquarie VIP Energy Series","new_name":"Nomura VIP Energy Series"},{"current_name":"Macquarie VIP Fund for Income Series","new_name":"Nomura VIP Fund for Income Series"},{"current_name":"Macquarie VIP Global Growth Series","new_name":"Nomura VIP Global Growth Series"},{"current_name":"Macquarie VIP Growth and Income Series","new_name":"Nomura VIP Growth and Income Series"},{"current_name":"Macquarie VIP Growth Equity Series","new_name":"Nomura VIP Growth Equity Series"},{"current_name":"Macquarie VIP Growth Series","new_name":"Nomura VIP Growth Series"},{"current_name":"Macquarie VIP High Income Series","new_name":"Nomura VIP High Income Series"},{"current_name":"Macquarie VIP International Core Equity Series","new_name":"Nomura VIP International Core Equity Series"},{"current_name":"Macquarie VIP Investment Grade Series","new_name":"Nomura VIP Investment Grade Series"},{"current_name":"Macquarie VIP Limited Duration Bond Series","new_name":"Nomura VIP Limited Duration Bond Series"},{"current_name":"Macquarie VIP Limited-Term Bond Series","new_name":"Nomura VIP Limited-Term Bond Series"},{"current_name":"Macquarie VIP Mid Cap Growth Series","new_name":"Nomura VIP Mid Cap Growth Series"},{"current_name":"Macquarie VIP Natural Resources Series","new_name":"Nomura VIP Natural Resources Series"},{"current_name":"Macquarie VIP Opportunity Series","new_name":"Nomura VIP Opportunity Series"},{"current_name":"Macquarie VIP Pathfinder Aggressive Series","new_name":"Nomura VIP Pathfinder Aggressive Series"},{"current_name":"Macquarie VIP Pathfinder Conservative Series","new_name":"Nomura VIP Pathfinder Conservative Series"},{"current_name":"Macquarie VIP Pathfinder Moderate Series","new_name":"Nomura VIP Pathfinder Moderate Series"},{"current_name":"Macquarie VIP Pathfinder Moderately Aggressive Series","new_name":"Nomura VIP Pathfinder Moderately Aggressive Series"},{"current_name":"Macquarie VIP Pathfinder Moderately Conservative Series","new_name":"Nomura VIP Pathfinder Moderately Conservative Series"},{"current_name":"Macquarie VIP Pathfinder Moderate - Managed Volatility Series","new_name":"Nomura VIP Pathfinder Moderate - Managed Volatility Series"},{"current_name":"Macquarie VIP Science and Technology Series","new_name":"Nomura VIP Science and Technology Series"},{"current_name":"Macquarie VIP Small Cap Growth Series","new_name":"Nomura VIP Small Cap Growth Series"},{"current_name":"Macquarie VIP Small Cap Value Series","new_name":"Nomura VIP Small Cap Value Series"},{"current_name":"Macquarie VIP Smid Cap Core Series","new_name":"Nomura VIP Smid Cap Core Series"},{"current_name":"Macquarie VIP Total Return Series","new_name":"Nomura VIP Total Return Series"},{"current_name":"Macquarie VIP Value Series","new_name":"Nomura VIP Value Series"}]
Form Type: 497
Filing Date: 2025-04-21
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000305
Filing Summary: On April 21, 2025, Macquarie Group Limited, the parent company of Delaware Management Company, along with its affiliates and Nomura Holding America Inc., announced an agreement for Nomura to acquire the US and European public investments asset management business of Macquarie Asset Management. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close by the end of October 2025. The closing of this transaction will lead to the automatic termination of each Fund’s investment advisory agreement with Delaware Management Company. Consequently, the Fund’s Board of Trustees will be asked to approve a new investment advisory agreement, which would then be presented to shareholders for approval. This new agreement would take effect once the transaction closes. Investors are advised to consult tax professionals regarding the potential tax implications before making any investment decisions.
Additional details:
Investment Advisory Agreement Termination: Automatic termination of each Fund’s investment advisory agreement with DMC.
Expected Closing Date: End of October 2025
Transaction Subject To Conditions: Regulatory approvals and other customary closing conditions.
New Agreement Process: New investment advisory agreement to be approved by Board and then presented to shareholders.
Form Type: 497K
Filing Date: 2025-04-21
Corporate Action: Acquisition
Type: Update
Accession Number: 000113743925000309
Filing Summary: On April 21, 2025, Macquarie Group Limited, the parent company of Delaware Management Company, along with certain affiliates and Nomura Holding America Inc., announced an agreement for Nomura to acquire the US and European public investments asset management business of Macquarie Asset Management. The transaction is subject to customary closing conditions, including obtaining necessary regulatory approvals. It is expected to close by the end of October 2025. The closing of the transaction will lead to the automatic termination of each Fund's investment advisory agreement with Delaware Management Company, prompting the Board of Trustees to seek approval for new investment advisory and sub-advisory agreements. If approved by the Board, these agreements will be presented to Fund shareholders, taking effect upon transaction closing. Investors are advised to consult tax professionals regarding the implications of this acquisition.
Additional details:
Investment Advisory Agreement Termination: Each Fund’s investment advisory agreement with DMC will automatically terminate upon closing of the acquisition.
Expected Closing Date: The transaction is expected to close by the end of October 2025.
New Agreements Required: The Board will be asked to approve new investment advisory and sub-advisory agreements.
Tax Consultation Advice: Investors should consult their tax professional about potential tax consequences related to this investment.
Comments
No comments yet. Be the first to comment!