Delaware Investments

Delaware Investments was a United States-based asset-management business and investment brand. Its activities centered on managing mutual funds and providing investment management for institutional clients. The business began operating in 1929 and later developed into a diversified manager with capabilities spanning public-market investment products and institutional mandates. A significant early milestone came in 1938, when Delaware Investments introduced its first mutual fund. The move established a retail investment-product presence that remained central to the organization’s identity. In 1972, the business expanded into institutional separate-account management, allowing institutions to receive portfolios managed to their own mandates rather than investing only through pooled funds. Two years later, it established a Taft-Hartley business serving investment needs associated with jointly managed labor-management benefit plans. The firm broadened its investment platform in 1990 by establishing international and global capabilities. It subsequently strengthened its fixed-income activities in 2000 and, in 2007, launched Delaware Investments Global Funds plc, extending its branded fund activity beyond the United States. These developments positioned the organization across both retail and institutional channels, with a product and service mix that included mutual funds, institutional portfolios, separate accounts, fixed-income strategies, and global investment offerings. Before becoming part of Macquarie, Delaware Investments operated as a division of Lincoln Financial. Macquarie Group acquired the business in 2010 in a reported cash transaction valued at $452 million. The acquisition brought the Delaware platform into the Australian financial-services group’s investment-management operations while preserving the Delaware name for several years. In April 2017, Delaware Investments was rebranded as Macquarie Investment Management. This change effectively ended Delaware Investments as the principal operating brand, although the United States mutual-fund business continued to use the Delaware Funds by Macquarie name. The legacy brand therefore remained visible in fund distribution and product branding even after the broader investment-management organization adopted the Macquarie name. Macquarie Investment Management began acquiring Waddell & Reed, the Overland Park, Kansas-based asset manager associated with the Ivy Funds, in 2020. That transaction represented a later expansion of the Macquarie investment-management platform rather than a continuation of Delaware Investments as an independent brand. Delaware Investments is consequently best understood as a predecessor and legacy brand within Macquarie’s asset-management structure, not as a currently independent company.

Delaware Investments commenced business in 1929 and introduced its first mutual fund in 1938. Its early development established the brand as a participant in the United States investment-fund market. In 1972, it added institutional separate-account management, broadening its activities beyond pooled retail products and enabling customized mandates for institutional investors. In 1974, it established a Taft-Hartley business, adding a specialist institutional capability connected with jointly managed labor-management benefit plans. The organization expanded its investment reach in 1990 by establishing international and global capabilities. It later enhanced its fixed-income capabilities in 2000, reflecting a broader platform of investment strategies. In 2007, it launched Delaware Investments Global Funds plc, giving the brand an international fund vehicle alongside its established United States mutual-fund and institutional businesses. Prior to its acquisition by Macquarie, Delaware Investments was operated as a division of Lincoln Financial. Macquarie Group acquired the business in 2010 in a reported $452 million cash transaction. Delaware Investments then operated within Macquarie’s investment-management structure while retaining its established name and product identity. In April 2017, Macquarie replaced the Delaware Investments name at the business level with Macquarie Investment Management. The change effectively ended Delaware Investments as the primary standalone operating brand. The United States funds nevertheless continued to be managed and marketed under the Delaware Funds by Macquarie designation, preserving part of the legacy brand in the mutual-fund market. In 2020, Macquarie Investment Management began acquiring Waddell & Reed, the Overland Park, Kansas-based asset manager associated with the Ivy Funds. This later transaction belonged to the enlarged Macquarie platform and was not a revival of Delaware Investments as an independent entity. Delaware Investments is therefore a defunct principal brand whose products and heritage continued within Macquarie’s investment-management and fund businesses.

1. 2020Macquarie begins Waddell & Reed acquisition

   Macquarie Investment Management began acquiring Waddell & Reed and its Ivy Funds-related asset-management platform.

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2. 2017Rebranded as Macquarie Investment Management

   The broader Delaware Investments business adopted the Macquarie Investment Management name, while United States funds continued under the Delaware Funds by Macquarie brand.

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3. 2010Acquired by Macquarie Group

   Macquarie Group acquired Delaware Investments from Lincoln Financial in a reported $452 million cash transaction.

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4. 2007Delaware Investments Global Funds plc launched

   The firm launched Delaware Investments Global Funds plc as an international fund offering.

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5. 2000Fixed-income capabilities enhanced

   Delaware Investments strengthened its fixed-income investment platform.

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6. 1990International and global capabilities established

   The organization developed international and global investment capabilities.

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7. 1974Taft-Hartley business established

   The firm established its Taft-Hartley investment-management business.

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8. 1972Institutional separate-account management launched

   Delaware Investments expanded into institutional separate-account management.

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9. 1938First mutual fund introduced

   The organization introduced its first mutual fund, establishing a continuing retail investment-product capability.

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10. 1929Business commences

    Delaware Investments commenced business in the United States.

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A diversified asset-management brand serving both retail investors through mutual funds and institutional clients through customized investment-management mandates. Its historical positioning combined long-running United States fund-management capabilities with institutional, fixed-income, international, and global investment offerings.

• Delaware mutual fundsMutual funds1938

  Mutual funds were a central part of Delaware Investments’ retail investment business. The organization introduced its first mutual fund in 1938 and maintained a United States fund presence through the later Delaware Funds by Macquarie branding after the 2017 corporate rebrand.

• Institutional separate accountsInstitutional investment management1972

  Delaware Investments added institutional separate-account management in 1972. These mandates allowed institutional clients to receive portfolios managed directly against specified objectives rather than relying exclusively on pooled mutual-fund structures.

• Taft-Hartley investment managementInstitutional investment management1974

  The Taft-Hartley business, established in 1974, served a specialized segment of institutional investment management associated with jointly administered labor-management benefit plans. It formed part of the firm’s expansion beyond retail funds.

• Delaware Investments Global Funds plcGlobal investment funds2007

  Launched in 2007, Delaware Investments Global Funds plc extended the brand’s fund platform into an international vehicle. It reflected the organization’s earlier development of international and global investment capabilities.

• Delaware Funds by MacquarieMutual funds2017

  Delaware Funds by Macquarie is the continuing United States fund branding associated with the former Delaware Investments platform after the wider organization became Macquarie Investment Management in 2017.

• 2020Macquarie Investment Management begins Waddell & Reed acquisitionM&A

  Macquarie Investment Management pursued further expansion of its asset-management platform after the Delaware Investments rebrand.

  What changed. Macquarie Investment Management began acquiring Waddell & Reed, a Kansas-based asset manager associated with the Ivy Funds.

  Aftermath. The move expanded the Macquarie investment-management platform but did not restore Delaware Investments as an independent operating brand.

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• 2017Rebranding to Macquarie Investment ManagementStrategy

  Following Macquarie’s ownership of the Delaware platform, the group consolidated the broader business identity under its Macquarie investment-management name.

  What changed. Delaware Investments was rebranded as Macquarie Investment Management. The United States mutual-fund business retained the Delaware Funds by Macquarie name.

  Aftermath. The original Delaware Investments brand ceased to be the principal operating identity, although it remained visible in the United States fund brand.

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• 2010Macquarie Group acquires Delaware InvestmentsM&A

  Delaware Investments was operating as a division of Lincoln Financial when Macquarie Group pursued the acquisition of the asset-management business.

  What changed. Macquarie Group acquired Delaware Investments in a reported cash transaction valued at $452 million.

  Aftermath. The Delaware platform became part of Macquarie’s investment-management operations and retained its established brand for several years.

  Reported acquisition price. $452 million cash transaction (2010)

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• 2020Macquarie Investment Management begins acquisition of Waddell & Reed

  Macquarie Investment Management began acquiring Waddell & Reed, a Kansas-based asset manager associated with the Ivy Funds. The transaction expanded Macquarie’s investment-management platform after the Delaware rebranding.

  M&A
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• 2017Delaware Investments is rebranded as Macquarie Investment Management

  The Delaware Investments brand was replaced at the broader business level by Macquarie Investment Management. United States mutual funds continued under the Delaware Funds by Macquarie name.

  Other
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• 2010Macquarie Group acquires Delaware Investments from Lincoln Financial

  Macquarie Group acquired Delaware Investments, previously a division of Lincoln Financial, in a reported cash transaction valued at $452 million. The deal brought the Delaware asset-management platform into Macquarie’s group.

  M&A
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1. Delaware Investments