Sydney  - Australia's Macquarie Group Ltd said Wednesday it planned to buy US fund manager Delaware Investments for 428 million US dollars.

The combined funds under management of Macquarie and Delaware would be over 300 billion dollars, Australia's only homegrown investment bank said in a statement.

Delaware, which is part of the Lincoln Financial Group, would remain headquartered in Philadelphia. The purchase would be funded by Macquarie Bank Ltd. (dpa)