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Report: Macquarie’s agri team in email scandal

The firm's Agricultural Funds Management team reportedly extracted confidential information by posing as a family office in an email to a competitor, according to The Australian Financial Review.

Macquarie’s Agricultural Funds Management team is reportedly accused of extracting confidential information from a competitor by posing as a family office, according to The Australian Financial Review.

AFR reported that the team, led by Tim Hornibrook,created a fake email address — investments@brookfo.com — to email the competing firm and ask for sensitive information about its investment offering such as how it constructed its investment models, what acquisitions it was planning and whether it planned to use leverage.

The asset management firm in question, which did not want to be named according to AFR, responded to the email believing it to be genuine. It is considering legal action, according to AFR.

Hornibrook did not respond to requests for comment and the bank’s media relations department declined to comment. Macquarie responded to AFR that it was undertaking a full investigation of the allegations that were directed at an integrity officer within the bank last year.

The incident occurred in 2011 when Macquarie was fundraising for Macquarie Crop Partners. The firm’s Pastoral Fund closed on A$700 million during the same year.