M&A - DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS
Form Type: 497K
Filing Date: 2025-06-18
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000744
Filing Summary: On June 18, 2025, Delaware Group Limited-Term Government Funds, as part of Macquarie Funds, announced the intent for Nomura Holding America Inc. to acquire Macquarie Asset Management's US and European public investments business. This acquisition will result in the automatic termination of the current investment advisory agreements with Delaware Management Company (DMC). Consequently, the Board of Trustees for each Fund has unanimously approved a new investment advisory agreement, pending shareholder approval, which will come into effect at the time of the transaction's closing. Proxy materials for shareholder votes will be sent out, with the first mailings expected in late July 2025. An interim advisory agreement was also approved to enable DMC to continue providing services until the new agreement's approval. Additionally, various name changes for the Funds were approved to reflect the transition to Nomura branding, indicating a substantial shift in management and identity for the involved funds.
Additional details:
Investment Advisory Agreement Updated: Pending shareholder approval
Interim Agreement Duration: 150 days or until new agreement's approval
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 Moderately Aggressive - Managed Volatility Series","new_name":"Nomura VIP Pathfinder Moderately Aggressive - Managed Volatility Series"},{"current_name":"Macquarie VIP Pathfinder Moderately Conservative - Managed Volatility Series","new_name":"Nomura VIP Pathfinder Moderately Conservative - Managed Volatility 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: 497K
Filing Date: 2025-06-18
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000792
Filing Summary: On June 18, 2025, Delaware Management Company (DMC), part of Macquarie Group Limited, announced an agreement for Nomura Holding America Inc. to acquire Macquarie Asset Management’s US and European public investments business. This transaction will lead to the termination of existing investment advisory agreements with DMC for each Fund. The Board of Trustees has approved a new investment advisory agreement pending shareholder approval. Shareholders will receive proxy materials in late July 2025 for a special meeting to consider this new agreement. Interim advisory services will be provided by DMC for a maximum of 150 days post-transaction. Name changes for several funds are also planned to reflect the new ownership by Nomura. Further communication about the transaction's timeline will follow.
Additional details:
Investment Advisory Agreement Termination: termination of each Fund’s investment advisory agreement with DMC
New Investment Advisory Agreement: new investment advisory agreement pending shareholder approval
Interim Agreement Duration: up to 150 days
Fund Name Changes: current names will be changed to new names as listed in the document
Proxy Materials Schedule: expected to be mailed in late July 2025
Form Type: 497K
Filing Date: 2025-04-21
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000307
Filing Summary: On April 21, 2025, Macquarie Group Limited, the parent company of Delaware Management Company (DMC), announced an agreement for Nomura Holding America Inc. to acquire the US and European public investments asset management business of Macquarie Asset Management. The transaction is contingent upon customary closing conditions and regulatory approvals, with an expected closing date by the end of October 2025. Upon closing, the investment advisory agreement with DMC will automatically terminate, necessitating approval of new advisory agreements by each Fund’s Board of Trustees. If approved, these new agreements will be presented to Fund shareholders. Investors are reminded to consult their tax professionals regarding potential tax implications related to investments in the funds.
Additional details:
Investment Advisory Agreement Termination: automatic termination upon transaction closing
Expected Closing Date: end of October 2025
Transaction Conditions: subject to customary closing conditions and regulatory approvals
Form Type: 497K
Filing Date: 2025-04-21
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000373
Filing Summary: On April 21, 2025, Macquarie Group Limited, the parent of Delaware Management Company (DMC), alongside certain affiliates and Nomura Holding America Inc. (Nomura), announced an agreement for Nomura to acquire the US and European public investments asset management business of Macquarie Asset Management. The transaction is contingent upon customary closing conditions, including regulatory approvals, and is anticipated to conclude by the end of October 2025, which may change. Following the transaction's closure, the investment advisory agreement of each Fund with DMC will be automatically terminated, necessitating the approval of new investment advisory and sub-advisory agreements by the Board of Trustees. If the Board approves, these agreements will be presented to Fund shareholders for their consent, taking effect upon the transaction's closing. Investors are advised to consult tax professionals regarding any implications of investments or distributions due to the unique nature of their tax situations.
Additional details:
Investment Company Name: Macquarie Funds
Parent Company Name: Macquarie Group Limited
Acquirer Name: Nomura Holding America Inc.
Transaction Currency: USD
Expected Closing Date: 2025-10-31
Comments
No comments yet. Be the first to comment!