The expanding family offices sector is an important market for the firm to tap, it said, explaining this hire.
Macquarie Capital, the corporate advisory, capital markets and principal investment arm of Australia-listed Macquarie Group, has named Mark Buchanan as managing director and head of North American family office coverage.
This area is a “new focus for Macquarie Capital”, the firm said in a statement yesterday.
Buchanan has nearly 20 years of experience advising public and private clients on strategic transactions such as mergers and acquisitions, debt and equity capital raisings, financings, as well as principal investing. He built a leading family office franchise at BMO Financial Group, where he was previously an MD focused on private enterprises. Before BMO, he held advisory positions at Credit Suisse.
Explaining its appointment, Macquarie Capital said that family offices have “emerged as larger participants in the M&A market having established portfolios of private companies with their own growth and capital objectives”. It cited data from EY, stating that there are 10,000 single-family offices globally, 10 times the amount in 2008.
In addition to family offices, Buchanan will focus on privately held businesses, advising on strategic initiatives, including M&A, shareholder monetization, recapitalization, ownership transition, Employee Stock Ownership Plans and capital deployment.
Macquarie Capital has also appointed Mark Padjen as senior vice president. Both he and Buchanan will be based in Chicago and work across multiple industries. Padjen also joins Macquarie Capital from BMO Financial Group, where he was a director focused on privately held businesses and family offices.
“Family offices have diversified their investment strategies, including whole company acquisitions and other investments historically made by institutional investors,” Michael Silverton, head of Macquarie Capital Americas, Europe and Asia, said. “These appointments bring us the specialized knowledge and experience needed to deliver differentiated services and advice to family offices and complement our capabilities across financial sponsors, private and public capital as well as principal investing.”
“In addition to establishing our coverage of family offices, Mark Buchanan and Mark Padjen are seasoned advisors who will broaden our Chicago team and strengthen our efforts in the Midwest,” Sam Shah, Macquarie Capital Head of Services AEA, who is based in Chicago, said.