Macquarie Group, a global financial services company, has agreed to acquire Delaware Investments from Lincoln Financial Group for $428 million in cash, the companies announced today.

Delaware Investments, founded in 1929, is one of the oldest asset management firms in the U.S.  and has more than $125 billion in assets under management, according to Macquarie. The acquisition will give Macquarie a total of $300 billion under management.

The acquisition is "consistent with Macquarie's strategy to develop a global asset management capability," the company said in a written statement.

Delaware and its team of investment management professionals will remain at the company's Philadelphia headquarters, according to Macquarie. Delaware, which has about 580 employees, also has investment teams in San Francisco and Boston.

Delaware Investments will continue to be run by its president, Patrick Coyne, who will report to Ben Bruck, executive director of Macquarie Funds Group and head of Macquarie's Affiliated Managers Division, which will relocate to Philadelphia, according to Macquarie.

The acquisition gives the companies an opportunity to distribute each other's investment products each of their client bases, according to company officials. Macquarie will look for ways to offer its global strategies, particularly its real assets, global fixed income and alternative products, to U.S. clients through Delaware, Bruck said.

Macquarie's desire to invest in and grow our product and distribution capabilities will be well received by our clients," Coyne said.

Delaware will continue to manage Lincoln Financial general account insurance assets, officials said.