Macquarie Group (MQG) has emerged as the world's largest alternative investment manager according to a Towers Watson survey, with US$94.8 billion of assets under management. Alternative investments comprise of private equity, real estate or infrastructure - assets which have appealed to investors looking to divert risks away from the standard classes of stocks, bonds and cash. This news comes as Deutsche Bank upgrades Macquarie to a buy based on significant upside in its annuity businesses, valuing the bank at $56.20 (current price $41.48) with an expected return of 35% and price-to-earnings of 13.8.
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