Macquarie Group Ltd. sold its premium funding business Macquarie Pacific Funding to Steadfast Group Ltd. for an undisclosed sum, The Australian Financial Review reported March 18.

Steadfast raised its stake in Macquarie Pacific Funding to 100% from 50%. It will rebrand the lending business to IQumulate Premium Funding.

Macquarie Pacific Funding CEO Raj Nanra will remain in charge of the business, said Steadfast CEO Robert Kelly.

A spokesman for Macquarie said the bank will continue to support IQumulate Premium Funding.