Liberty Financial's strategy in the financial services market in Australia and New Zealand appears to be increasingly complementary to that of its minority shareholder Macquarie Bank, with the non-conforming lender in the early stages of an investment spree in firms that distribute consumer and commercial loans.Managing director Sherman Ma told the Financial Review that Liberty acquired a stake in a commercial lending business in Australia, though Ma would not identify the company to the newspaper.The AFR reported that Ma foreshadowed that Liberty may make up to 12 investments in mortgage broking, motor finance and equipment financing in Australia and New Zealand. The newspaper reported that Liberty's budget for these investments may be in the order of $100 million.Liberty last month bought a 10 per cent stake in Mike Pero Mortgages, New Zealand's largest broker.Macquarie Bank, which owns around 10 per cent of Liberty, is itself an increasingly busy buyer of minority holdings in companies that distribute financial services products.Macquarie's investments include holdings in Australian Finance Group, Virgin Money and Mortgage House.Meanwhile Ma told the AFR Liberty experienced an increase in arrears to about seven per cent of its non-conforming loan book.